Chicago Spire
When the Chicago Spire is completed it will be the tallest building in the United States and the Western Hemisphere with the tallest elevator run in the world. Ground was broken in July 2007 and once completed will surpass the Sears Tower and the Hancock Building, two of the tallest buildings in Chicago. The building will become an icon in Chicago due to the architectural design which is much like shells found in nature. As the tower rises each floor rotates approximately 2 degrees forming a tapering tower which twists 270 degrees from the base to the roof.
The Chicago Spire is located at the edge of Lake Michigan with incomparable views of the city and lakefront offering a five star hotel as well as condos with floor to ceiling windows. Condo living in a place like the Spire offers many advantages and can accommodate many different types of people. It has become increasing popular with singles all the way to retired couples. Condos are a very viable option for anyone who wants maintenance free living and the freedom to spend their free time as they wish not being pinned down with snow removal, lawn maintenance, or any of the other activities owning a single family home requires. Condo living can also offers many types of amenities not otherwise affordable such as, pools, tennis courts, exercise rooms and much more. All the reasons above is why condo living has become such an attractive home ownership option. If you are thinking of purchasing a condo in the near future and want to live in a vibrant city with views of the lake and city skyline then the Chicago Spire may be the place for you.
There are literally hundreds of condos to choose from at almost any price in the Chicago area. Major developments are underway downtown and many developers are looking for creative incentives to make their properties more attractive to the condo buyers looking for downtown living. The Chicago Spire is one of those developments that due to its architectural design and location may not need to lure buyers to their doors with some of the more mundane incentives developers tend to offer. Who wouldn't want to live in the tallest building in the United States and the Western Hemisphere with a design like no other building on the planet. If you are interested in lakefront living with incredible views of the city then the Chicago Spire is definitely worth a look.
Downtown Chicago Condos
If you are looking for a low-maintenance lifestyle, maybe in a popular location there is no better place to look than downtown Chicago condos. 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.
- 1. 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.
- 2. Downtown Chicago Condos 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.
- 3. Before you jump at that downtown Chicago condo 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.
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There are many Chicago condos for sale in a variety of communities and neighborhoods. Chicago is known for its ethnic groups and communities and condos are being built or re-furbished in almost all of these areas. If you are looking for a different lifestyle in a vibrant community atmosphere there is no better place to look than Chicago!
Chicago Condo Market
Housing affordability has been the best in decades. In many real estate markets around the country as well as the Chicago condo market more households are now able to afford a median priced home than any time since 1970. Most of this is due to an increase in household income and the continued decline in prices of homes being sold. Right now most economists agree that the inventory of unsold homes is a huge obstacle, but inventories have been steadily declining over the last several months, which mean we are selling off the excess supply of homes. Selling off the excess inventory will stabilize the market which bodes well for the economy in general. When the economy is good and consumer confidence is high prospective home buyers flood the market starting the next housing boom cycle.
The Chicago condo market is well known due to many of the famous developers, such as Donald Trump, who have come here to take advantage of all Chicago has to offer. There are over 77 recognized neighborhoods in which condo buyers have a variety of choices from the more upscale of Lincoln Park to some lesser priced areas scattered throughout the city.Â
Currently there has been a lot of press regarding the site of the Olympics for 2016 and Chicago is in the forefront of hosting the games. Some housing specialists are saying Chicago is poised for a rebound in 2010 with a steady climb toward even more improvement in the years following indicating that a housing boom could be on the horizon prior to the 2016 games.   The housing market has always run in cycles and the Chicago condo market is anxious to cash in on the next boom cycle. Developers are currently scoping out properties which will be valuable real estate if Chicago is chosen for the games of 2016.Â
The Chicago condo market is also poised to take off due to the economic policies our government has put in place to encourage home or condo ownership. Congress passed a $8000 non-repayable tax credit this year which will give Chicago a shot in the arm in housing activity. The credit is available to anyone who has not owned a primary residence during the past three years and is equal to 10 per cent of the home's purchase price up to a maximum of $8000. It is the perfect incentive for first time homebuyers who are interested in owning their own home or condo in an exciting city as Chicago.
First Time Home Buyer Tax Credit
Over the past year there has been a lot of confusion over the first time home buyer tax credit that is now available to first time home buyers. Back in 2008 President Bush signed an act for first time home buyer's which is very similar to the American Recovery and Reinvestment Act of 2009 which is now in full force. There are some major differences in the two acts but the most important thing to remember is the act of 2009 offers many benefits to first time home buyers that have never been offered before.Â
First and foremost is the obvious difference in the amount of the tax credit, $8,000 instead of the $7,500 in the 2008 act. This year's first time home buyer tax credit also has the provision that the tax credit does not have to be repaid if you own the home as your principal residence for at least three years. This can be a huge savings and incentive to buy a home or condo especially since prices are the lowest in decades with attractive interest rates to boot. Another important area the first act did not address was if the credit was allowed with state/local funding. The act of 2009 will allow the purchaser to utilize revenue bond financing for the purchase. This is an important benefit for purchasers in Chicago since revenue bonds has long been an integral part of home buying in the area.
 There are other areas of the first time home buyers tax credit that few people are aware of. It is not required that you be a U.S. citizen. That's right. Anyone who is not a nonresident alien (as defined by the IRS, publication 519), who has not owned a principal residence in the previous three years and who meets the income limits test may claim the tax credit for a qualified home purchase. One last important consideration for the tax credit is the ability to access the money available prior to filing your 2009 tax return. This can be a major benefit when qualifying for financing. Homebuyers who believe they qualify are permitted to reduce their income tax withholding enabling the buyer to accumulate cash by raising their take home pay. That money can then be used toward down payment or closing costs for the purchase.
The American Recovery and Reinvestment Act of 2009 is designed to jump start the home buying activity throughout the United States, but more importantly it will give millions of Americans the opportunity to buy their first home.
Chicago Condo Development
When choosing a Chicago condo development there are many things you should always keep in mind. Some things are obvious to us all but others may not be.
We all know we need to check out the structure of the building. Was it really designed to be a condo or townhome complex or was it a conversion? At first glance you may not be able to tell because conversion many times can look even better than the old design. If you really want to know you can check with the local city planning office and ask for the plans that were submitted by the developer. You think a conversion may not matter with today’s building codes but noise and insulation problems may arise since the design was made for different purposes. You should always insist on a building inspection that you are interested in purchasing. Most inspections will cover the common areas of the building but you might want to take a more invasive approach to identify structural and integrity concerns.
Another obvious area to check out before you buy a condo is the community. Try to find out if there is a sense of community within the complex. One of the best ways to find out is to spend some time in the common areas. Do the residents seem happy and satisfied? Do they respect each other and their privacy? Ask some questions while you are there, such as what they like and dislike about their community. Smiling and making eye contact while talking with your potential neighbors can speak volumes about the place in which you are about to invest.
Make sure check into some of the extras that may be offered. Is there a parking space included in the price and where is it located? Is the location convenient and safe? Are there extra storage areas, are they free and secured? If there are pools, hot tubs, gym areas, are they well maintained and clean? Do they meet legal and safety regulations? These extras may make the difference in how well you enjoy your new condo.
One last area that may not be as obvious but is becoming more prevalent is green living. More and more condo buyers are embracing the green living concept and many Chicago condo developers are meeting the challenge. Developers are seeing the change in mood of condo buyers and are now seeking to be certified by the United States Green Building Council. Buyers today are looking for green living developments not only due to energy saving features but as a way for them to lessen the impact on the planet for future generations.
Chicago New Condo
Chicago has many new condos for sale. The word is out and people are buying wholesale like never before. With the amount of condo foreclosures and condo short sales in the market place, condos are one of the hottest buys out there right now. Statistically speaking, over 29,000 condos closed in 2008. How many of those were sold wholesale? Thousands and thousands.
There are always and losers in any economy, but right now the winners happen to be the buyers. If you have money to go forward buying a Chicago new condo, the prices are unbelievable. Developers of new constructed condos are giving outrageous deals on just about every condo imaginable. The deals not only include lower prices, which we all like, but they are giving things away as well. We’ve seen condo developers throw in televisions, free upgrades, discounted association fees and even trips and cars if you move forward on a condo. No telling how long this will last, but with interest rates low and condos down in price, condos are starting to move faster now than ever.Â
Make sure when shopping for a Chicago condo that is new that you analyze what condos have sold for. A developer may tell you that they’ve discounted the condo several thousands of dollars, but you need to check to see what has sold over the last six months. This will indicate precisely how good a deal you’re actually getting. If you see someone has closed on an identical condo at $295,000 three months ago and you’re now getting the same style condo for $245,000, it sounds like you’re buying wholesale.Â
Is this for real? Are people actually getting a condo for $50,000 less than a sale six months ago? Yes it is. This is happening everyday in the Chicago new condo industry. The discounts are deep and they’re everywhere. Almost every single developer is strapped with having to give discounts because the economy turned so sudden for everyone. The developers were building more and more product and when the economy came to a halt, the product was left unsold.
¦lt;br /> So how do you get rid of all that unsold product? Shave off thousands of dollars and add free giveaways to entice the general public. Now is the time to look into your Chicago new condo. Many, many choices, in many, many areas. Will it get even better a year from now? Will we see condo prices start to go up soon? Only time will tell. For now, we’re starting to see a buying frenzy with all the discounts.
New Condos – Chicago
Finding the right condo can be a task not for the weak of heart, especially if you are looking to move to a new location when you possibly live way across the United States. New condos in Chicago can be the answer whether you are moving due to employment, moving back home, or just looking for that vacation condo in one of the most exciting cities in the country. In today’s world of technology using an online tool can cut your time in half and provide you with much of the information you are looking for in a condo. All you have to do is put in the criteria, such as bedrooms, baths, price, or any other specific needs you have and you can find a large selection of properties that may interest you.Â
Interest rates are down so you may want to get a jump on what you are looking for and take advantage of lower prices as well. You will definitely get more for your money and be able to get your dream condo without having to dig too deep into your savings. Living in a condo offers many advantages like living in an upscale neighborhood and often have amenities such as exercise rooms that you cannot afford with single family homes. New condos in Chicago are usually located in well established, proven neighborhoods. There are many different condo communities in the Chicago area – Logan Square, Lincoln Park, Hyde Park, River North, to name a few. Prices differ depending on the size and location, but usually average about $120,000 to $1,000,000.
Condo living have some definite advantages. The most obvious is they are easy to keep up. The only space you need to worry about is upkeep is the interior or perhaps a small balcony or patio. Another advantage is you can lock the door and go whenever you want to get out of town for a vacation and not worry about getting broken into because of the extra security most condo building offer. Most new condos in Chicago are located in the heart of the city or close to great shopping and restaurants allowing you to enjoy the city life without the drive. As you can see there are certainly many advantages to condos. They are great options if you live a busy life and like to live close to the action and do not yet have a family.
Buy Chicago Condos
Were you aware that President Bush signed legislation this year to give a tax credit to first time home buyers?  Congress passed the Housing and Economic Recovery Act of 2008 which includes numerous provisions that will help prevent foreclosures, reinvigorate the housing market and strengthen the economy. Chicago condos are eligible for this program which can give a maximum tax credit of $7,500.00. You can buy now and still get the credit since the program runs for any condo purchased after April 9, 2008 to July 1, 2009. Don't let this opportunity pass you by! Act now!
