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Archive for April, 2009
Thursday, April 30th, 2009
Many condo residents are happy where they live and they love their condo but they are very displeased with their condo associations. There are a number of associations that do not provide their residents with high quality and fast service. Condo owners want disputes to be resolved quickly and they want to have a voice and opinion on what happens to their property. Complaints must always be handled in a timely and satisfactory manner. Improvements and fees are hot topics amongst condo owners and they want to make sure that they have an active say in decisions regarding these matters. By hiring a professional condo management company to handle these matters you can guarantee that you and your fellow residents will be happy.
If you reside in a condominium complex and are unhappy with your current association, you have every right to find a reputable company to manage the property. Make sure that you locate a professional company that has years of successful experience in condo associations management within your area. Whether you reside in a very small condo building or a larger complex housing several hundred units, a competent condo association management company can provide you with a number of useful services that will guarantee that you and your fellow residents remain happy while the company successfully manages many of the responsibilities associated with your condo.
They can perform a number of duties including: collecting monthly association fees from residents, mediating disputes and disagreements between condo owners, managing daily maintenance and initiating contracts regarding the property, negotiating with vendors and contractors for lower rates, conducting board meetings, evaluating and assessing improvements to the property, implementing procedures to help the property run more efficiently, and performing general accounting duties. All of these duties must be performed in a timely manner with the best interests of the condo residents in mind.
These are important matters to residents and need to be handled with fairness and courtesy. By hiring a reputable and experienced condo associations management company to handle these responsibilities you can rest assured that you and your fellow residents will be happy with the services that they receive and that their complaints are resolved in a timely and satisfactory manner. You want your fellow residents to be as pleased with their condo association as they are impressed with the condo itself and a high quality management company will guarantee satisfaction.
Tags: Condo Associations, Rent to Own Condo, Working with a Realtor
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Thursday, April 30th, 2009
Chicago condo properties are everywhere! Condos, condos, condos! Everybody seems to want them now. There are roughly 35,000 condos in Chicago for sale. There are short sale condos, River North Condos, Downtown Condos, Foreclosed Condos and everything in between. If you’re interested in doing a search of all the 35,000 condos available in Chicago, go to the OwnACondo.com website and click on “search condosâ€. The screen will prompt you to fill in a few items like name and email address. You’ll be given a password and then, viola’, you’ll be in front of a massive list of every Chicago condo property available.
Chicago condo properties have had a bad name for themselves over the last two years with all that has happened in the economy. With so many foreclosures, many condominium properties have an abundance of vacant units. Who pays for the association fees when a condo unit is vacant? No one does. What does that do to the association books? It puts everything in a hole. Imagine if there are twenty units in one hundred not paying monthly condo assessments. It can be a financial disaster.
The best thing to do in searching for Chicago condo properties is to take it slow and easy. The more work you do in your investigation, the better. You’ll find the right Chicago condo property just waiting there with name on it. The selection is outstanding right now with so many people not being able to sell their condos over the last two years. Inventory is up, buyers are down. Guess what? Buyers market! And what a condo market it is.Â
If you’re in a position of not having to be in a hurry to close on your Chicago condo property, you’re in the best position. Time will allow you to do all the checking you’ll need to do to make sure the condo association is up to speed on everything they need. Are the books in order? Do they need a special assessment for something? All of these questions are important.Â
Finding the Chicago condo properties you intend on buying isn’t as hard as you might imagine. It’s all about starting. Momentum will kick in and all of a sudden you’ll find yourself looking at several condos weekly. When the right one hits you, you’ll know it. Chicago condo properties are sitting there calling your name. Go answer the call.
Tags: Chicago condo properties, Chicago Condos, condo property, condominiums
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Wednesday, April 29th, 2009
If you plan to search for condos in Chicago keep in mind the condo market is expected to be positively impacted by a shift in the values of the American homebuyer. The generation of home buyers for the next few years is more inclined to low maintenance and high technology buildings than their predecessors.  These prospective purchasers, the twenty-something’s and thirty-something’s have needs and preferences quite similar to the baby boomers but they want modern, high-quality homes convenient to amenities without a lot of upkeep. Just like the baby boomers who are retiring these condo buyers are looking to be near exciting locales such as Chicago.
There are a few things to consider when you search for a condo in Chicago.  Many people make the mistake of shopping for a condo the same way they would for a house. It is a similar investment but there are several things you need to consider. Many people want to buy real estate to be free of the hazards of apartment dwelling. When buying a condo you are buying a piece of a larger property, basically an apartment. Next, there will be regulations. Condo associations have regulations and bylaws that you must abide by. With the associations you will need to know where your money is going. What does the association fee take care of and what is the breakdown. Next is to thoroughly review emergency maintenance plans. Since you are buying a larger piece of real estate, other people’s problems can also affect you. Be sure you know the emergency numbers for your association and what problems they cover. Lastly, you should have an inspection before you buy. You not only want the unit evaluated but the entire building and grounds. If you make a wise decision, you will be rewarded with many conveniences and a great home.
Condos are king in Chicago when it comes to residential real estate. When it comes time to search for a condo in Chicago, there are many areas in which to choose. Chicago is certainly known for its downtown skyscrapers but there are numerous other areas that have their own flavor which offers some of the best values in residential real estate. One definite advantage in the Chicago real estate market when buying a condo is that prices are holding steady and there are numerous developments currently underway or proposed for this year. Construction crews are putting up new buildings and older places are being refurbishing to create condos and lofts. It is estimated that over 4000 units will be built in Chicago in 2009 which puts buyers in a great position to get what they want for a good deal.
Tags: Buy a Condo, Buying a condo, Chicago Condos, Chicago condos for sale, Condominiums in Chicago, Homebuyer tax credit
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Wednesday, April 29th, 2009
The Best Chicago Condos for sale right now have to be the short sale and foreclosure market. In 2009, it’s expected that there will be more than double what was foreclosed on from 2008. The deals are crazy but you have to be very careful that you buy a condo in an association that has their act together.
The best Chicago condos on the market today can be searched out by starting with your local condo specialist. Realtors are very special in helping you through the real estate transaction. They’ve been schooled and work the streets of Chicago everyday. This is invaluable. All of us have normal jobs, come home and then search for real estate online. These Realtors are dedicated to Chicago real estate. They know it like the back of their hands (at least some of them do). Pick their brain. Sit down and go over the Chicago condo market with them and find out what’s going on.
The best Chicago condos are usually the ones priced right. Correct? Well, not necessarily. Condos can appear from the outside as great buys initially until you recognize possible other pitfalls like the condominium complex you just bought into. Remember, you’re not only buying your condo, but you will own part stake in the condo complex. It’s imperative you check before you close on your condo how the association is holding up. Are there any units in the complex that have been foreclosed on causing a negative account in the condo association’s budget? If in a 100 unit condominium complex, 20 units are not paying their monthly assessments, there could be real trouble. Or there can be issues with long term capital improvements. What if a new heating system has to be put into the complex soon? Does the association have enough money to cover it? What if they don’t? Most likely in cases where a long term capital improvement has to be put into the complex, they ask everyone to pitch in. This is known as a special assessment.Â
Condominium special assessments happen all the time and they’ve been more prevalent lately because more units have been converted more than ever, establishing new condo associations all over the Chicago area. Many of these associations do not have the talent and knowledge to run condo associations creating poor budgets and not enough of management skills to keep things running the right way.
To choose the best Chicago condos out there, start with choosing the best Chicago realtor and you’ll have half of the battle accomplished.
Tags: best chicago condos, Chicago Condos, condos, condos that are the best in Chicago, the best chicago condos
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Tuesday, April 28th, 2009
If you are looking for a low-maintenance lifestyle, maybe in a popular downtown location or near the beach there is no better place to look than Miami Condos. Living in a condo in Miami can offer many benefits that you will not find in a home in the suburbs. They can offer more plentiful amenities from beach access, pools, golf courses, lawn maintenance and much more. All of these things 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. Many Miami 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 in the first place. 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 regarding fees is to find out if the association is planning on any improvements or upgrades that can raise costs.
- 3. Before you jump at that Miami condo find out about the community 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 Miami condos in all types of locales from downtown Miami to Coconut Grove to Key Biscayne offering something no matter your taste or budget. No matter if you are retiring to south Florida to sit on the beach or find a vacation property there can be no more exciting location than Miami.
Tags: Buy a Condo, Condo financing, condominiums, condos for sale, First Time Homebuyers, new condos, own a condo, real estate, Rent to Own Condos, sell a condo
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Tuesday, April 28th, 2009
There are thousands and thousands of Chicago condos for sale right now. Last check on the Chicago multiple listing service showed over 35,000 in the entire Chicago metro area. Why all the condominiums? Too many properties being built in 2000-2005, too many condo conversions and too many people deciding all at the same time not to buy.Â
So who benefits? The Chicago condo buyers. And there are so few that it makes for extraordinary deals. The deals are just spectacular right now. There are condos going for 20, 30, & 40 cents on a dollar because of numerous different scenarios. Scenario number one: Two years ago husband gets transferred to another state and has to sell his condo. He puts it on the market and the buys another condo in another city. Two years later and no buyer. He has lowered the price three times but no one has made an offer. That’s right. No one has made even made an offer on the condo. Mr. Chicago condo buyer comes in and decides to make an offer at 40 cents on a dollar. The sellers initially throw a fit and says “No Wayâ€. A few days later he starts rethinking the offer. He doesn’t want two mortgages. He calls his Realtor and they try to renegotiate a little bit more. You come up a little and you find yourself owning a Chicago condo that was originally priced at $300k for fifty cents on a dollar.
The Chicago condos for sale currently are in all areas of Chicago. The River North, Lakeview, South Loop, Downtown Chicago and Lincoln Park have the most amount of condos for sale. The best thing to do to get started on your journey to finding a Chicago condo for sale is to contact your Chicago condo specialist. They will be able 24/7 and know all the Chicago condo deals out there. They live in the middle of all of this and know what product is best at any given time. Once you’ve established the Realtor you’ll be going through this condo buying process with, the next step is to find condo financing. To finance a condo, you’ll need to have a job or be able to pay cash. Most people can’t buy a condo all cash, so they’ll need condo financing through a bank. Most banks require about 5% of the purchase price as a down payment. If you have that along with a job and some decent credit, there’s a good chance that you’ll be owning a condo soon down the road.
In the end, the Chicago condos for sale are so incredibly priced today, that you won’t be able to sleep at night because there will be so many opportunities you’ll run in to. Just be patient and do your due diligence and you’ll be closing on something before you know it.
Tags: Chicago Condos, Chicago condos for sale, Condominiums in Chicago, condos for sale in Chicago
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Monday, April 27th, 2009
Now is the time to buy if you happen to be a first time home buyer. The Federal Government has just issued a first time home buyer tax credit that will give you a ten percent return on the price that you pay for the property, covering up to eight thousand dollars. This tax break is a huge incentive to buy. When you combine the money you will get back from this tax credit with the money you will save while buying when market values are so low, it is obvious that there has never been a better time to buy.
I had been renting an apartment in the city for several years. I loved living in the city but I hated the fact that I had to take my laundry down the street to get it done and that there was nowhere I could park my car. I wasted so much gas circling my neighborhood every evening just trying to find a parking spot. My apartment was pretty small too and my rent had been steadily increasing every year.
I first thought about purchasing my own condo about a year ago, but I was worried about being able to afford one. After I heard about the first time home buyer tax credit I decided to look into buying real estate again. I was very pleased to learn that this tax credit could be applied towards the purchase of a condo or townhome. I decided to take a look at some of the condos that the city had on the market.
The number of condos that were for sale in the Chicagoland area was a bit overwhelming, I found a web-site that specialized in selling condos in the Chicago area and it was able to help me narrow down my search. Basically I was looking for a two bedroom condo that had an in unit laundry and parking available. There were a number of condos that fit my specifications and I had a wide variety of neighborhoods and prices to choose from.
Next, I visited several of the condos and I absolutely fell in love with one of them. It had been recently remodeled and had all new appliances and hard wood floors. The price was unbelievable. I was approved for financing from a bank was able to get the condo for seven thousand dollars less than the asking price. I could not believe my luck. And now I am looking forward to have my taxes done at the end of the year and getting my first time home buyer tax credit.
Tags: $8000 Homebuyer Tax Credit, First time home buyer tax credit, Homebuyer tax credit
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Monday, April 27th, 2009
The American dream of owning your own home has changed over the last couple of decades. The dream is still alive but the options have changed dramatically. One of the fastest growing segments of property sales and areas today is Chicago condos. Owning a condo has many things in common with owning a traditional home, but it is the differences that count. It is important before you make that jump into home ownership that you know whether a traditional home or condo is right for you.Â
First of all, what is a condo? Condos resemble apartments in many ways. They can consist of several units in the same building or complex, with common areas like courtyards, lobbies, pools, etc. that are shared by everyone. But condos, as opposed to apartments are owned by the individual tenants and not just rented. When you purchase a condo you may be giving up some privileges but gaining in others. It is this balance of benefits that will be most helpful when deciding what type of property to buy.
One area that you need to investigate before you buy a Chicago condo is the prices of similar properties that have sold in the complex or complexes in the immediate area.  Condo sales in the area can tell you if the price you are offering is too high or too low. A comparative analysis will also tell you how long units in that complex have been on the market, if prices have been reduced, how many units are for sale, and the prices in which they sold. With the ever changing real estate market it is important to be aware of all of these things to get the best value for your money.
Not all real estate agents are familiar with the nuances of Chicago condos. Real estate transactions are most likely the biggest financial investment most people will experience in their lifetime, so it is even more important to find the right person for the job. But how do you choose the right person for the job? First of all with most any financial transactions you will want to make a thorough search which can be done quite easily by attending open houses to see how agents work and to meet them first hand. Ask the prospective agent how long they have been licensed, how long they have worked in the condo market and how many sales they have closed in recent months. Ask for references and talk to your friends and family about who they would recommend and why. Once you have found the right agent you are well on your way to realizing the American dream of home ownership.
Tags: Chicago Condo, Chicago Condos, Chicago condos for sale, Chicago Real Estate, Condominiums in Chicago, condos for sale in Chicago, condos in Chicago, real estate in Chicago
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Monday, April 27th, 2009
There are thousands of Chicago apartments for rent. In looking for an apartment, one of the best starts is calling your local Realtor professional. A real estate agent works the streets everyday and sees deals constantly. They will be able to help you with the process of choice and all the details needed to qualify for a Chicago apartment.
To start looking for a Chicago apartment for rent, you can go to the Chicago Multiple Listing Service. There are several hundred of units for rent in all locations. A Realtor specialist will help you through this but the search itself is pretty easy. Next, select an area you want to live..As you move through your search you’ll begin to see, different areas will command different prices. Make sure you’re not wasting your time looking at Chicago apartments that are out of your price range. How much should you be paying for renting a Chicago apartment? A financing company usually qualifies a person for a loan under the guidelines of spending no less than 35% of your monthly income on housing. Here’s an example of that.
Let’s say you make $36,000 a year in income. That breaks down to $3,000 a month. 35% of that is roughly a little more than $1,000 a month. You really should be spending no more than a $1,000 for your monthly rent. If you make $50,000, 35% of that is about $1,450 per month. You get the picture.
Renting a Chicago apartment can be exhilarating. It’s your new home. The place memories will be made and where you’ll call home for possibly a few years minimally. Make your choice wisely and make sure to due as much due diligence on an area before making the final decision. This is really where a good Realtor will come in to play. They not only know of the great deals that are on the streets, but they have access to the schools and many of the amenities of the area as well. Chicago real estate agents get paid by the seller or the Chicago apartment building landlord, so their services are free.
When a Chicago Realtor finds you a Chicago apartment to rent they get paid, so they are very willing to help. Remember, you pay nothing. The cost will be out of the Chicago landlords pocket, not yours.
Tags: apartments in Chicago, Chicago Apartments for rent, Chicago condos for rent, renting Chicago apartments
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Sunday, April 26th, 2009
So you’ve read the subject…now you are wondering, “What is a condotel?” A condotels are hotels that has sold some or all of its rooms, and still offers guests the opportunity to visit their hotel. Living in a condotel could have some pretty interesting benefits, such as housekeeping, room service, great restaurants on the premises, health and fitness clubs, golf courses, valet service and much more. It would be like living everyday as if you were on vacation, with the except you would probably have to go off to work. Though it might be hard to explain to a date if you were going to bring them back to your place.
Surprisingly there are some pretty impressive chains that offer their rooms for purchase. These condotels include The Ritz Carlton, Hotel Intercontinental, Trump Towers, and the Wyndham. You should also note that not all of their locations are condotels.
Another cool thing about condotels, is if you should go out of town, you have the option of renting your room out to someone else. You would actually earn a little cash while you were gone. Housekeeping would clean up after they were gone and when you return, you wouldn’t even know that someone had been there.
Just like purchasing any other type of real estate, it is important to work with a qualified real estate professional. The Condo Specialists at OwnACondo.com can help you in understanding what it means to own a room at a condotel. Your Condo Specialist would work with you and for your from contract to closing and they would make sure that you understand the process every step of the way.
So if you have always wanted to live the lifestyle like you are on vacation, then picture yourself living in a condotel. The amenities that condotels can offer, can be far greater than your typical condominium. Additionally, similar to a condominium, a condotel can be purchased in a variety of sizes. So if you are looking for a studio, or a one, two or three bedroom condotel, the condotel of your dreams would be a great place to call home.
Condotel properties are available in many cities throughout the United States and more. From California, Arizona, Colorado, Chicago, New York and Miami, condotels have grown in popularity. So start living the dream of being on vacation, consider the city, the size of the room and the amenties your would like and call a Condo Specialist today.
Tags: Chicago Condo Hotel, Condo Hotels, Condo Specialists, condotels
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