OwnACondo.com welcomes Sotiraq Vando to our growing team of dedicated Realtors®, many of whom have earned the accredited buyer representative (ABR) designation.
Sotiraq Vando, in addition to being a civil engineer, has more than five years experience as a Realtor® and is a licensed real estate broker. He has qualifications in accounting and as a loan originator also. His specialties include:
- Condos
- Foreclosures
- Single-family homes
- Investment real estate
- Financing condos
- Rental properties
- Downtwon Chicago real estate
- Chicago North real estate
- North Cook County real estate
“I like to work with people and because of that, real estate has always been an interest of mine. I like working with people and finding a way to help them get their condo financing, even in difficult situations.”
Fluent in Albanian in addition to English, Sotiraq Vando is married with two daughters. He earned a degree in civil engineering from the University of Tirana (Albania) in 1977, and has several other professional certifications also.
“I am always learning and adjusting in this changing industry,” Sotiraq said, adding that he enjoys all the customer-focused aspects of real estate, from helping buyers find just the right property for them to preparing presentations and contracts. He said he is very proficient in using the Multiple Listing Service, allowing clients to narrow their search and save time and money.
You can reach Sotiraq Vando at svando@ownacondo.com if you have any questions or would like him to help you find your dream condo, an investment property, or any other piece of real estate.
OwnACondo.com welcomes Denise Arnold, an experienced Realtor® and appraiser, to our team of dedicated professionals.
She brings a wealth of real estate experience to our staff, including 10 years as a certified appraiser and six years as a Realtor® with nationally known companies. Her specialties include:
• Appraisals
• Investors
• Foreclosures
• First-Time Home Buyers
• Condos
• Rental properties
In addition to her real estate qualifications, Denise Arnold also has a Bachelor of Arts degree in communications from Eastern Illinois University. She is a member of the Illinois Coalition of Appraisal Professionals, and said she uses her appraisal knowledge to benefit her clients.
“I am not going to let my clients overpay. If they want to, it won’t be because they were not informed,” she said. A resident of Chicago’s south suburbs, she is married and has one daughter and a stepdaughter.
“The best part of being a Realtor® is working with people, helping them find the right condo or house. I like meeting new people and I have an outgoing personality, which helps in this industry,” said Denise Arnold, who focuses on the real estate market in the Chicago Loop as well as the North Side, South Side, and suburban Cook County.
Denise can be reached at darnold@ownacondo.com if you have any questions or would her to help you find a condo or other property.
First-time home buyers have much to consider when deciding whether to give up renting and purchase a condo, townhouse, or other property rather than continuing to rent.
While interest rates for mortgages are historically low, and property values have dipped considerably as a result of the high number of vacant properties currently on the market, many prospective buyers are understandably hesitant about wanting to take that final step and become homeowners. This is understandable for many reasons, not least of which is the national focus on job losses and foreclosures, which could cause people to worry about the possibility of becoming another sad statistic.
For instance, although mortgage rates have dropped as low as 4.75 percent—something unseen since the 1960s, people with a few dings on their credit scores likely would not qualify for the best rates. Also, mortgage lenders are becoming more circumspect about giving loans. However, everything is relative, and a mortgage rate under 6 percent is still quite good.
The pressure to buy has abated since the first-time homebuyers tax credit was not renewed when its deadline ran out last spring. Now people can take their time looking without being under deadling pressure, although it would have been nice to get the extra tax rebate too.
Of course, no matter what the incentives are, depending on your individual situation, renting a condo is sometimes the best move for the time being. You have to consider whether you plan to settle down for at least a few years, or move in a short time, because a quick turnover might result in a loss of money. Rental condos are commonly found in upscale buildings in vibrant neighborhoods, and are usually much larger and amenity-rich than an ordinary apartment.
If you are looking forward to being a first-time homebuyer, but are just not in a good financial position right now, you have the option of looking for rent-to-own properties, which can be found all over these days because sellers want to have their properties occupied. Many people aiming for home ownership just have trouble saving enough for a down payment, and a rent-to-own agreement can help with that because part of your rent will go toward the down payment. During the rent-to-own contract, usually between 12 and 18 months, you can also work on repairing your credit score in order to qualify for a mortgage loan. In the meantime, you will be living in the home you are working toward buying, and the seller benefits too, because their property is earning them money rather than sitting empty.
Looking for downtown condos can be a daunting prospect in Chicago, because there are so many styles to choose from, in several different neighborhoods. But the good news is, OwnACondo.com has knowledgeable, experienced condo specialists who can help you find the right one—and looking is part of the fun.
While many cities have a specific downtown neighborhood, in Chicago, the area is not as clearly defined. It can encompass all or part of neighborhoods such as the Loop, South Loop, Streeterville, River North and the Gold Coast. While many of those areas are known for their luxury condos, don’t think that because they are not in your price range, there nothing for you. In addition to the many new luxury towers that arose during the building boom of recent years, downtown condos come in all shapes, sizes and price ranges in those areas.
Downtown condos are popular with people of all ages, because they offer something for everyone, whether amenities such as pools, fitness rooms and sky decks are on your wish list, or just a place close to work and play. Young professionals with jobs downtown like the idea of a short commute, as well as being close to all the great shopping and nightlife options in the lakefront neighborhoods. “Empty-nesters” who are downsizing are also are drawn to downtown condos, because they want to be close to all the downtown activities, and give up lawn maintenance—or even the need for a car.
Being close to Lake Michigan, with its beaches and marinas, as well as Grant Park and the many museums on the lakefront is another great selling point for downtown condos,
Besides the new luxury condos that have given neighborhoods such as the South Loop a whole new look, there are other vintage buildings such as Six North Michigan that have been turned into upscale condos. It is easy to forget that many of the most well-known condo high-rises—Lake Point Tower and Marina Tower just to name two, began as apartment buildings decades ago and were only converted to condos in recent years.
Loft condos have also become increasingly popular, and can be found in all the downtown neighborhoods. These include the classic lofts in revamped warehouses and other industrial property, as well as newer loft-style with the classic look and all the modern amenities.
So whether you are looking for downtown condos with views of Lake Michigan or the Chicago River, or close proximity to the Magnificent Mile, there is something for you. Even if you are not ready to buy yet, rental condos can be found in many buildings too.
While many people interested in buying condos take a break from their condo search during the holiday season, in part because of the winter weather, December is often a good time to get great deals from motivated sellers.
As the new year approaches, many sellers are very interested in finding buyers for their vacant properties, or renters as the case may be, before January rolls around. And qualified buyers can often find the home of their dreams at a discount, or with some sort of money-saving incentive. That benefits buyers and sellers, because everyone gets to enjoy a fresh start in January.
For instance, in addition to reducing the selling price of the condo, some condo owners, from the South Loop to the Gold Coast, and other attractive neighborhoods in Chicago and elsewhere, are now offering to give buyers a break on monthly assessments. Some are offering deals that would not require buyers to pay monthly assessments for the first three months of ownership, as long as the contract is signed before the end of the year. Imagine what a great holiday present that would be, worth several thousand dollars to a cash-strapped buyer.
In addition to those buying condos, in many cases people renting condos can also benefit by signing leases before the end of December. By doing so, they can often qualify for a reduction in rent for at least the first few months.
Many of these deals are not widely advertised, but working with one of our condo specialist Realtors ® at OwnACondo.com is a great way to find these sales. The condo specialist you are working with will know exactly what type of condo or townhouse you are looking for, in which towns or neighborhoods, and will be sure to negotiate with the seller to find the best deal possible for their clients.
Of course, many people with young families like to move during the summer so their children do not have to switch schools in the middle of the year. But to get the best deal, you wouldn’t have to move in this month, just sign the contract by then. So if you are ready to finance a condo now, don’t wait for the spring thaw because the sales might be over. When it comes to buying condos, December is as good a time as any to do it.
While everyone else is at the mall, you can get ready to ring in the new year on your own doorbell.
With winter approaching, it is no wonder that residents of Chicago, New York and other northern cities start making plans to escape the cold weather, even for a few days, to places like Miami, Las Vegas and other hotspots. Finding a place to stay is the first task for anyone seeking to a break from the cold weather, and vacation condos are a great option when trying to get the most “bang for your buck.”
These vacation condos, often found in upscale high rises in prime tourist destinations, are ideal because of their location and relatively low cost. By renting a condo, for the price of a nice hotel room, and sometimes even less, you will get the opportunity to say in a much more spacious condo, and enjoy access to hotel amenities such as state-of-the-art pools and fitness centers.
The owners of the vacation condos, especially those in resort communities in Florida and elsewhere, are often snowbirds themselves. They buy condos with the intention of renting them out for long periods of the year when they will not be using them. Of course anyone who owns a condo or house can make their property available to vacationers, but it is harder to get the word out as an individual. In condo high-rises, however, the rental process is handled by the condo management. All the owner has to do is provide a schedule when the condo will be available to rent. The income can go toward the mortgage.
Many people who find themselves renting condos for regular vacations in Florida or Las Vegas end up buying one of their own, especially if they are attracted to a certain location, and go back there often. Some people buy them as investment properties with the intent to eventually retire there. In the meantime, they are used as second homes or vacation condos. Of course, vacation condos can be found in Chicago and other cities too, so the travel goes both ways
Due to continuing low interest rates, together with the high volume of real estate available for sale, especially in places such as South Florida, Las Vegas, and California, now is as good a time as any to buy a vacation condo. Florida, especially in areas around Miami and Fort Lauderdale, now has some of the most affordable real estate in the country. The Las Vegas area, and Phoenix too, is equally good.
For these reasons, buying a vacation condo now could definitely work out to your advantage economically. In addition to the benefits of renting it out when you are not using it, the property values are sure to increase in the foreseeable future, so investing in condos is still a profitable venture.
Rental condos are great, and can be found in moderately priced and luxury developments alike, in cities across the United States. But the percentage of rented condos in a particular development is an important piece of information to know for many people interested in buying condos there.
One reason the percentage of owner-occupied condos in a complex is an important consideration for many condo buyers is that if they are looking for an FHA mortgage, the percentage will have a bearing on whether they will be approved for the loan or not. The FHA recently made a slight adjustment to its rules, permitting 50 percent of the condos to be owner-occupied, whereas the minimum used to be 51 percent. This was done in part to encourage ownership. More people are applying for FHA loans now because they only require 3.5 percent down payment, while banks and other lenders want a 10 percent down payment, which many people are unable to come up with.
But the issue remains a conundrum for many condo associations. So while the FHA is becoming more lenient, many condo associations want to reduce the allowable percentage of rental condos in their own buildings to as little as 25 percent, if they are allowed at all. Of course, any change in the condo laws have to be approved by a majority of owners, and if most of the owners are investors who don’t live in the complex, they might not go along with it.
If there are too many rental condos, owner-occupants in the building often feel like they are living in an apartment complex, and express concerns that others considering moving into the building might be hesitant to move in for the same reason.
At the same time, having the ability to lease condos give owners more flexibility, if their job takes them out of the city and they are not ready to put the property up for sale. Also, many people like the idea of being able to rent a condo, rather than an apartment, because condos are usually larger and there are often more amenities in condo developments than in apartment complexes. Many also sign rent-to-own contracts, so they will eventually become owners.
So the two sides have come to some sort of “happy medium” regarding the issue of rental condos, because while some condo owners would rather not have any rented units in the complex, feeling that renters do not have as much invested in, others point out that having units rented is definitely better than having them empty.
There are some important questions to ask before buying condos. Doing so is sometimes hard, especially for first-time home buyers, but our condo specialist Realtors® can help.
These questions include:
- What is the monthly assessment and what does it cover? To budget, you need to know the monthly fee and exactly what you are getting for it.
- What are the rules and regulations? Condominium rules can prohibit pets, your ability to rent out the unit, and renovate. Carefully review the rules and regulations, and have your attorney do the same. This includes the master deed, declaration of trust/by-laws, covenants, unit deed and floor plans to ensure compliance with state laws and other guidelines.
- How much money is in the capital reserve account and how much is funded annually? The capital reserve fund is for major repairs such as roofs and heating and air conditioning. Generally, the fund should contain at least 10 percent of the annual revenue budget—more for older developments. If it is poorly funded, a special assessment is more likely. Ask to see the last two years’ budgets, current reserve account funding level and any capital reserve study.
- Are special assessments pending or being considered? Special assessments are one-time fees for capital improvements payable by every unit owner. You need to know if you are buying a special assessment with your unit, because they can be costly. Reviewing the last two years of condo meeting minutes is a good way to see what the issues are.
- Does the condo association manage itself or have a professional management company? There are pros and cons to each avenue.
Other questions to ask before buying a condo include:
- Is the condo involved in any pending legal actions? In most states, you can search court databases to see if there have been any lawsuits. Legal disputes can lead to fee increases if the condo association is fined.
- How many units are owner-occupied? A large percentage of rented condos can create unwanted noise and neighbor issues, as well as re-sale and financing issues because Fannie Mae and FHA condominium regulations limit owner-occupancy rates.
- What is the condominium fee delinquency rate? A rate exceeding 15 percent could signal financial trouble, according to Fannie Mae and FHA.
- Do condo owners have exclusive rights to use common areas such as porches, decks, storage spaces and parking spaces? Knowing what areas are your responsibility is important, especially regarding maintenance and repairs.
One more question to ask before buying a condo is: “What does the Master Insurance Policy cover?” Usually, only common areas are covered so buyers should buy condo insurance to protect their belongings and the interior of the condo.
While it is understandable that the present economic climate seems to be causing many people to put off plans to buy a condo, or any other piece of real estate, the benefits of condo ownership can trump any concerns.
Despite the frequent “doom and gloom” media reports about the economy in general, this is actually a pretty good time to buy condos, for a number of reasons. This is especially true for first-time homebuyers who do not have to wait until their current home sells. This is because condo prices are generally lower than they have been in recent years, and just as good is the fact that interest rates are staying low too, about 5 percent in many cases. Prices are bound to go up, as the housing stock on the market is depleted, so it would a shame to miss out on a good deal now.
There are tax advantages to owning a condo, rather than renting, in part because mortgages and some other costs can often be counted as deductions when income tax time rolls around, while rent cannot. You will need to consult an accountant or other professional to get the details. But aside from the financial perks, there are other benefits of condo ownership too.
If you own the condo or town home you live in, you can decorate the interior practically any way you want, without having to get permission from a landlord. So go ahead and paint the walls purple if that is what you want to do. Of course, condo associations do have rules that must be followed, so you might not be able to replace windows or hang laundry on the balcony, depending on what the rules are. Mainly, the condo association provides direction regarding condo repairs or any changes or activities that affect common areas, neighboring units, or the building exterior. But the good thing is, as a condo owner, you have a vote in the decision-making for the whole building. So you can work to change any rules you do not like.
Having equity in your home is also one of the many benefits of condo ownership. In other words, you are investing in your own property, and with any luck, you will get a nice return on your investment when you decide to sell your home. While renting a condo or apartment can be the right thing to do depending on your circumstances, you won’t get anything back when you leave, no matter how long you are there.
Condo swapping by vacationers is becoming more popular and easier to do with websites such as Craigslist and others with notice boards that can easily put people in different states or countries together.
People who want to save money by avoiding hotels on vacation, but still stay somewhere comfortable, are some of those most interested in condo swapping. They can now search online for people in their target city who want to swap vacation condos, or homes of any kind, for a week or a month, or however long they decide together. These types of condos can be found in cities around the United States, and indeed the world. The two parties can find each other online, make the initial contact online and then call each other and arrange particulars.
In addition to the vacation aspect of the agreement, some people who advertise themselves as willing to swap homes want to do it on a permanent, or at least semi-permanent, basis. For instance, due to the soft real estate market, some people moving to other cities would rather , thinking they would rather hold off until the market improves.
Condo swapping is less costly than renting condos, since depending on whatever agreement is struck, no money might change hands at all. If two people are taking their vacations at the same time, they might just agree to switch houses for an allotted period of time.
Of course, the condo swapping can be done between vacation homes, or primarily residences. Some people with second homes, or vacation homes in areas popular with tourists regularly offer to rent their homes. Rental condos are often found in luxury condo developments, where owners can put their condos on a list that can be used as rental condos while they are not
Besides the cost savings, another advantage of condo swapping is the fact that it can bring people together from places as diverse as Guatemala to Grand Junction, Colo. And you can experience living in a real residential area, instead of just in a downtown tourist center where most hotels are. While the condos available for swapping are often are located in popular, they can be found in out-of-the-way places too, where hotels are few and far between.
Condo swapping is more personal than using rental condos, or “condotels,” which are condos, often in luxury high-rise complexes, that are made available to rent as hotel suites when the owner is not living there. But unlike with condo-swapping, the owners and renters have no contact.
