Sell Your Property at a Real Estate Auction
Why a real estate auction to sell your property? A real estate auction allows you to sell your property many times at least market value if not more because you have a bidding competition between parties, each wanting your real estate. Real estate auction produce the energy and the excitement that gets people to bid higher than they normally would on a piece of property.
How do you prepare your condo for the real estate auction? You basically have to choose the method that you'll use for the condo auction. There's absolute auctions, minimum bid auctions and reserve auctions. All three are very distinct and have value. If you want to create the most buzz, you go the absolute auction way. This means you have to accept the price the highest bidder ends up winning the bid at regardless of the price. Most people come to auctions for this reason. There's excitement because you never know what price the property is going to sell for.
When selling your property at a real estate auction, the absolute style many times commands the best of all the auctions. There is so much interest in this type of auction that the buyers throw all their attention into this type that many times the other properties are passed over, even though they may be better real estate properties. The absolute auction means the property is going to sell regardless. That's important to buyers. They know that they are not going to put a lot of time and effort into something that may sell. They know they'll come out of it with a property if they bid the highest.
Will the auction bring enough of buyers so that I can sell at a high price? It depends on the auctioneer. If the auction is marketed enough there should be more than 500 people in the room. If your condo is sought after enough, people will bid. Everything comes down to the marketing of the auction though. The auctioneer has to market and get the word out. Auctions are exciting. Auctions normally bring hundreds of people. The next property you sell might be through an auction. It may be the best way to sell your condo right now. People are always looking for deals and they'll go to an auction to find them. Just putting your condo in the auction itself will put your condo in front of so many more people than normal that it may be worth it just from an exposure stand point.
Condos on 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.
- 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. 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.
- 3. 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!
Chicago Real Estate
Chicago real estate has dramatically changed over the years with the development of condominiums. The downtown Chicago skyline is completely lined with condo developments from the past, present and the new wave of developments soon to come. The Chicago Spire condominium project, one of the newest condominium projects scheduled to be built in 2010 is going to be over 140 stories tall. The tallest building in Chicago today is the Willis Tower, formally known as the Sears Tower, reaching 110 stories. XO Condominiums is another project soon to be reaching the skies of Chicago with two dramatic towers about forty flights in the air somewhere in the South Loop area of Chicago.
Chicago real estate has taken a dramatic downward spiral in value over the last three years with the economy taking a plunge. The market has depreciated at a pace of about 25% since 2006. With that said a condo that was sold in 2006 for 200,000, is now selling for $150,000. Not all pockets of Chicago were hit that dramatically, but on the other hand, there were some neighborhoods in Chicago that were actually crushed more than 25%.
Of all real estate in Chicago, the condo market was one of the worst hit. Many developers started projects but couldn't survive the drop in sales and had to let construction crews go and work halted at the projects. With sales down, there wasn't the money to continue projects and the buildings were left vacant and unfinished. There are dozens of projects like that in the middle of completion. Banks are left with the job of reselling projects half done. For the consumer, now may be the best time ever to buy into a development like this. The new investors are going to get in cheap and be able to sell the condos cheap. The deals are everywhere, whether you're looking to buy a condo in downtown Chicago or a condo in Naperville. The deals are abundant.
Chicago real estate may be down right now, similarly to other major metro areas around the United States, but it will always bounce back. The question is when, not if. You're you have the cash, a downtown Chicago condo may be one of the best investments you can make right now before the big swing hits possibly a few years out from now. Hey, instead of buying one, buy two or three. It will probably be the best investment ever
Chicago Green Condos
There are thousands of homeowners discovering the benefits of environmentally conscious construction and Chicago green condos. Building experts and local developers predict that, as the cost of energy rises, consumer demand for so-called "green buildings" will grow. Also, as new building technologies come into wider use, the overhead cost of developing green buildings will drop and become the industry standard. Because green building results in energy cost-saving, healthier surroundings and more durable construction, they're the future of condo construction. But there are two stumbling blocks. For green condos to catch on, developers have to gain experience working with the new energy-efficient, cleaner technologies to break the cost barrier. Second, realtors and developers have to educate consumers on what they are getting when they buy green.
Most consumers want what is considered today as a high-performance home. In the context of Chicago green condos it means a home that is safe, healthy and durable using resources efficiently. Green condos are actually greener than the greenest single family homes. With their high residential densities, they take up less space and preserve open land. In addition, urban condos are closer to metro stations, bus stops and bike trails which discourage people from relying on cars to go everywhere. Additionally, multi-family buildings are inherently green because fewer resources per unit are used to construct and to operate.
The technology today has exploded to cover almost every aspect of construction, materials, landscaping and energy renewal. Home and condo builders today boast many green features, including healthier paint and carpeting, recycling of construction waste, lots of natural light, high efficiency appliances and systems, water conserving fixtures, use of renewable materials, minimal water use landscaping and "green roofs" that help moderate temperature while reducing and filtering water runoff. Architects, developers and builders are all looking at ways to reduce carbon emissions and waste with the long term goal of creating buildings and technologies that produce more energy than they consume. Builders are aiming to offer condo buyers green buildings in the same price range as what they would expect to pay for an old fashioned, non-green condo in the area. It is a bold step for the building trades but they are up to the task to produce a high quality product that is cost effective and the market will ultimately embrace Chicago green condos
Today some buyers are questioning investing in green condos. Green condos are not only fuel-efficient and environmentally friendly but save a lot of money. Who knew that being green could be so economically rewarding? So what's the question!
Chicago Real Estate
Lots and lots of Chicago real estate moving right now. The summer is her in full throttle and it seems like there's not one agent in our offices that's not busier than they've ever been. Something has dramatically changed.
All the reports are showing that bottom of the real estate market possibly happened back in the first quarter of 2009. It appears with a few reports that came out over the last few weeks that home and new home sales are up significantly possibly showing the signs of a bottom and the beginning to a move back the other way.
Chicago real estate has taken off in volume over the second quarter from the first as well. The number of transactions almost doubled in the second quarter of 2009 from the first. What does this mean for you as an investor of Chicago Real Estate? It's uncertain what will happen in the next six months but clearly there are deals out there today and many will remain in play for a significant amount of time.
The buzz is back about the possibility of some incredible times ahead after the crash we've been going through. When it comes back, it could possibly be one of the best runs ever with real estate flying off the shelves. There's something in the air with just about everyone I've talked to around the country regardless of the geographic region. Chicago real estate will not be the only one to spike in value shortly.
When will this happen? It's starting to percolate, that's for sure. The statistics are showing it along with the volume of sales in the Chicago area. All indicators are buzzing and you can feel it when you talk to people. It's an exciting time to be around this. The break out is coming.
As the Chicago real estate scene changes, what's the next best move for an investor. Do you gobble up condos, single family homes, apartment buildings or vacant land? The discounts are on everything right now. But what will appreciate the fastest? What will be the play? The next three to four years in Chicago real estate is going to be crazy. I'm just happy to be smack dab in the middle of all this fun. I've never seen anything like it and probably never will see anything like this again. I'm buying everything I can like I was on a shopping spree!
The Best 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.
- 1720 and 1819 S Michigan Avenue in the South Loop
- Emerald Condominiums in Greektown
- Waterview Tower Condominiums on Wacker
- Glashaus Condos on Wabash
- 235 Van Buren Condominiums
- The Chicago Spire
- Odyssey Lofts on West Jackson
- Park Kingbury Lofts on North Kingsbury
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.
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The agreement is an important document. Read and understand all sections and if you don't ask a real estate professional or attorney.
Chicago Real Estate
Chicago real estate is going crazy right now. What real estate do you buy? I was with a client yesterday that was in the foreclosure state and the bank was willing to let the deal go at 30 cents on the dollar. The condos had sold two years ago for $225,000. Now it was possible to pick up these condominium units at $ 80,000! Give me fifty I said.
The deals are crazy. And they’re all over the Chicago real estate market. Condos, townhouses, short sales, foreclosures, workout programs and auctions…where do you turn? Turn to the professional to begin with. The condo professional. The real estate professional. These people do this for a living. The best thing of all is they are in front of these deals every day. They are on the inside. The money that they make is paid for by the seller so use them. Don’t even think of going through for sale by owners to save a few pennies. In the long run the professional real estate brokers will bring you deals that are thousands in savings, many times tens and hundreds of thousands in savings. If there is one thing to get from this writer, use a real estate professional.
Chicago real estate can be found by going through a multiple listing search. Every real estate company is part of an MLS that allows every company to put their listings in this huge database of properties. As a consumer, you can access it to find the area and the type of real estate you want to view. What’s nice is you have everything in front of you. You have all the listings from all the companies. Every now and then a real estate broker will not put their listing in the MLS. This is known in the industry as a pocket listing. The reason they do this mainly is that they want to sell the listing and make commissions on both sides, the listing side and the buying side. This is frowned upon in the business because basically it is not exposing the listing to the thousands of agents in the industry. There are some agents that talk their condo sellers into this saying that they don’t want the listing exposed to everyone under the sun that might not be qualified wasting a lot of time for everyone. Personally I like the idea of exposing the product to thousands opening up the chance for more contracts and offers.
Chicago real estate may never be at bargain prices like this again. It’s absolutely insane. Now’s your chance to cash in on all the opportunities out there by being assertive and looking at deals all the time. Before you know it, you’ll find yourself with that piece of real estate that could make you thousands over the long haul.
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!
