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Archive for May, 2009
Sunday, May 31st, 2009
For those of you that do not know us, we are OwnACondo.com. We’re a company that started out as a small condo brokerage representing our first developer that decided to convert a 30 unit apartment building on the South side of Chicago. It was all very innocent. A condo brokerage, what’s that? You mean you represent only condos? Why is that?
A condo brokerage that decided to get involved at a high level of condo only representation in an industry that represents every thing that has a brick and some mortar attached to it. But why condos? Condominiums instead of houses. Everyone like homes and you’re going to only represent condos? Are you crazy? And then the second project started in Oak Lawn, Illinois. It was a small 30 unit as well. Time continued, the projects got bigger and a few years later, OwnACondo.com was selling hundreds of condo units annually.
Then word got out. Who is this “OwnACondo’com� Where are they from? They must be some Multiple Listing Service or something like that. I see their billboards everywhere was the ring we were hearing. Easy for that to be said when you put your condo only brokerage name on 400 billboards all over Chicago. Then the name appears on the Right field wall of the Chicago White Sox. Oh boy, they must be for real. What’s this OwnACondo.com really all about. Let’s call them and see if they can sell our condo know one seems to be able to sell.
The calls started to come in droves. A condo brokerage representing only condos. I like that. Maybe I’ll sell my condo through them. They seem to have their stuff together. Do they actually have Realtors that represent them or are they some internet thing? We’ve heard a lot of things like that. No, we actually have people that work for us we tell them. And those “people†do one thing. They sell condos. Lots and lots of Chicago condos, New York Condos, Miami and Los Angeles condos.
But why a condo brokerage only? Because it makes lots and lots of sense. Their Realtors are the best in the World at selling condos. They sell condos all day long. Condominium after condominium.Â
When will the whole World know about them? It’s coming. In fact, it’s right around the corner. A few years from now, everyone will know who OwnACondo.com is. It’s just a matter of time.
Tags: brokerage, chicago brokerage, Chicago Condos, Chicago Real Estate, condo brokerage, condos
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Saturday, May 30th, 2009
To say the least the economic news has not been the best in the last several months but sometimes we forget to notice some of the more encouraging trends that may be underway and why it may be the time for investing in Chicago condos. That does not mean that we should minimize some of the sobering national economic news with consumer confidence down and the psychological worries about rising unemployment. There are some genuinely positive developments with all this news.
Housing affordability has been the best in decades. In many real estate markets around the country as well as the Chicago local 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 condos 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 investing in Chicago condos may be the best in decades.
Another recent positive development which hopes to draw even more people to purchase a home or condo is Congress’s new $8000 non-repayable tax credit making investing in Chicago condos even more attractive. This is available to anyone who has not owned a primary residence during the past three years. The credit is equal to 10 per cent of the home’s purchase price up to a maximum of $8000. You need to act now since it is available only for homes purchased on or before January 1, 2009 and before December 1, 2009.
The Chicago local market is poised for a small rebound in 2009 but then start a steady climb toward improvement in the years following. The housing market has long been an indicator of economic boom or bust and today’s market is no different. The housing market has always run in cycles, some short and some longer but there is always a rebound and this cycle is no different than those in the past.   There will not be as quick a recovery we have seen in past troubled economic times but the kind of steady growth expected will be what is needed to sustain a long term housing recovery.
Tags: Buying a condo, Chicago Condos, Chicago condos for sale, Chicago Real Estate, condos for sale in Chicago, condos in Chicago, Investing in Chicago Condos
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Saturday, May 30th, 2009
Chicago condos will begin to go up in value as soon as we clean up the wholesale market. The amount of condos that have been foreclosed on and that are in pre-foreclosure or a short sale mode are causing deals beyond belief. What that means for an average guy that wants to sell a condo, you may have to wait to get the price you’re looking for.
Chicago condos that are selling today are selling because sellers are putting deals together. The buyers are smart and they know that they’re dealing from a position of strength. If the sellers want to sell. They’re going to have to come down to a new retail price. Prices of Chicago condos have dramatically dropped over the last three years. The price of a condo that sold in 2006 is about 75% of that today. As soon as the investors scoop up all the condo foreclosures, we may be able to get back to normal. Until then, it’s a feeding frenzy for all the scavenger investors and smart buyers that are coming in cautiously but ready to pounce when the right deal is in front of them.
Chicago condos can be searched by going to OwnACondo.com’s website and reviewing the nearly 40,000 condos on the market today. There’s a section for short sales and foreclosures in the search itself. Once you find the perfect Chicago condo, the next step is to evaluate the different lender programs on the streets today. FinanceACondo.com can put you in front of our five preferred lenders that specialize in condo financing. It’s great to find that perfect Chicago condominium, but you want to make sure that you can afford it as well. FinanceACondo.com will help you with all the steps along the way.
Make sure to check the association’s budget and where it stands on issues of special assessments and repairs in the condo complex. Many developers have fallen behind on the budget and many condo associations are upside down, meaning the account is negative, many times not having enough to pay a simple heating bill. Check with your condo attorney for more information on this.
Buying Chicago condos right now can possibly be the best investment you’ve ever made. Make sure you take your time and when the right opportunity is in front of you, attack and close on that baby. Ten years from now it will probably be the best thing ever.
Tags: Chicago Condo, Chicago Condos, condo, Condominium, condos, New York condos
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Friday, May 29th, 2009
So you are thinking about buying a condo but you are not sure where to start. There are many aspects to buying condos such as what areas, how big and what condo association questions should I be asking. Condo associations were originally created as a legal entity for the purpose of developing, managing and selling the development. It allows the developer to exit the financial and legal responsibilities typically by transferring ownership to the condo owners after selling off a pre-determined number of units. Once this is done the important thing for any condo buyer to know regarding the association that will be overseeing their common property is what are the responsibilities of all involved? You are spending your hard earned money and the last thing you want to do is get stuck with a lemon or live someplace that is not what you expected.
There are a lot of condo association questions to ask before you buy but we will only cover a few.Â
- 1. Ask to see the condo association board meetings minutes. What have the owners been talking about, what are their concerns and issues, are there a common thread for some of the complaints, etc.
- 2. What is the renter to owner percentage? If the renter population is very high are there rental policies in place either in the bylaws or by an amendment. Always remember the association can change its bylaws so make sure you are well informed of any changes.
- 3. Ask for a copy of the certificate of insurance from the association which is a summary of the association’s policy. Are the replacements costs enough to cover rebuilding if need be? Another important area to question regarding the association insurance policy is if it has a building ordinance clause. This clause insures that the building will be up to the current code if rebuilding is required.
- 4. How much is the repair fund? This will tell you if the association has the funds available for maintenance. If the fund is not high enough then the complex may not be as well kept as it should be or be living beyond its means.
- 5. Ask to see the delinquency rates of the current owners. When people do not pay their association dues on time it may be a sign of discontent and you will need to find out why.
Asking the right condo association questions is as important as finding the right real estate agent or the right financing. We all want to make sound financial decisions and the only way to accomplish this is with the right questions.
Tags: Buying a condo, Chicago Condos, Chicago condos for sale, Condo Associations, condos for sale in Chicago, First Time Homebuyers
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Friday, May 29th, 2009
Condos can be purchased for as little as under $100,000 in so many areas of the United States, you wonder why people rent apartments? Condominiums are here to stay and the selections are crazy. There are studio condominiums for the person wanting to spend the least amount or have the smallest space. Studio condominiums range between 250 square feet to about 500 square feet. They typically do not have a separate room for a bedroom but rather one space that allows the condo buyer the luxury of having a kitchen , living room and bedroom all in one space. The studio condo is great for the kid leaving home for the first time (or second time) and needs a place to live. The studio condo accommodates their needs and allows them to build up equity instead of throwing rent money out the window.
Condos can be incredible investments if you pick the right ones. In all my years of being involved in the real estate business (twenty-five years) I’ve never seen deals like the one’s that are in front of us today. The next level up from the studio condominium is the one-bedroom unit. The one-bedroom condominium is perfect for the single person or the young couple just getting a start in life. It typically can range in square footage from 500 square feet to 750 square feet. Of course, there are deluxe one-bedrooms that are larger but this is typical. The one-bedroom condo can be great for the student as well creating a nice getaway from home.
Condos are a perfect real estate investment for many individuals or small start-up families. Most people would love to own their own real estate and the condominium allows the affordability for just about anyone with a job to get started owning their own condo.
What are the down sides to owning condos? Remember, condos are purchased under one roof. You have many condo owners living in one small area opposed to one owner living in one space as in buying a house. Many owners in a condo complex can be difficult if a neighbor or two is louder than normal, or messier than normal. Usually there are laws for the complex (good for the abiding, bad if you’re a musician) that prohibit these kind of things but who wants the hassle. It usually all works out in the end and condos end up being either a first time step to ownership in real estate or they become a life long treasure that many people never leave.Â
Condos are here to stay forever and ever.
Tags: Chicago Condos, condo, Condominium, condos, LA condos, Miami Condos, New York condos
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Thursday, May 28th, 2009
The condominium market has long been an alternative housing option that is increasing in popularity each passing year. From the first time buyer to the step down condo buyer all are an attractive means for home ownership. Financing your condo today in the current market can be challenging but not impossible. Fannie Mae, one of our government backed mortgage-finance companies has added some restrictions that can make it more difficult for developers to sell their properties. A new policy effective March 1st raised the amount of units sold from 51% to 70%. In addition, Fannie Mae will not back loans for sales in buildings where 15% or more of the current owners are delinquent on their association fees or where more than 10% of the units are owned by a single entity. Fannie Mae says these restrictions protect the developers and taxpayers from throwing good money into troubled developments but many condo developers disagree and have petitioned Fannie Mae for exemptions. To date more than 50 petitions have been filed and granted allowing condo buyers to purchase.Â
Not all is lost with these restrictions because there is financing available which has long been available but not often used because credit was much easier to obtain. When financing your condo you may want to look into non-warrantable condo financing. Let’s say you have a condo you want to buy and the project is new with few units sold. Fannie Mae will not finance your mortgage because not enough units have been sold but units cannot be sold because financing is not readily available. It’s the chicken or the egg syndrome. Non-warrantable condo financing has no pre-sale requirements which means you could be the first buyer wanting to purchase in a development many times realizing updates and benefits not offered to the buyers coming later.Â
When you are financing your condo there are documentation requirements which may seem daunting but is not as difficult as you may think. Which mortgage you select will determine the exact documentation requirements and listed below are the most common.
- Last two years W-2 forms
- Last two paystubs (enough to cover 1 month)
- Last two years signed 1040’s and all schedules
- Last two months bank statements, all pages
- Current statement for 401K or IRA accounts
- Complete list of your current debts (usually taken from your credit report)
- Copy of the sales contract
- Copy of your driver’s license, picture ID or passport prior to closing
- Gift letters signed by the donor and proof of receipt and ability to gift funds
- Copy of the earnest money check, both front and back
- Your insurance agent’s contact information
This may look like a lot to ask but when financing you condo the lenders need this information to make a reasonable decision which protects everyone involved, especially the buyer.
Tags: Buying a condo, Chicago condo company, Chicago Condos, Chicago condos for sale, Condo financing, condos in Chicago, First Time Homebuyers
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Thursday, May 28th, 2009
To search for Condos in Chicago, simply go to the OwnACondo.com website and on the middle of the home page, you’ll see a button that says “condo searchâ€. Click on this and you’ll be in front of more than 40,000 condos that are for sale in the Chicago condo market.
The search for condos in Chicago can be quite challenging. Where do you start when there’s over 40,000 to choose from. The best recommendation is to start with a condo professional. There are Realtors that are focused on condos only. They are the ones that will be able to provide tons of information including financing info, insurance info and information on neighborhoods galore. You may have kids and need information on schools. Realtors will help with all this.
When searching for condos in Chicago, focus on “solds†just as much as “active condosâ€. How do you know you’re getting a deal when you’re not sure what other condos in the area have sold for. This is a must. Your condo realtor should be able to provide you with all this.
Financing a condo in today’s market place can be challenging. There are several lenders, but which one do you choose? Again, a condo professional will be able to give you a start by providing you with at least three lenders that focus on condos. The main part of the financing a condo comes down to how much you’re willing to put down as a down payment and how much interest rate the bank will ask for on the loan. If you are able to put at least 20% down, this is helpful because it eliminates an additional expense called private mortgage insurance, also known as PMI in the business. PMI is an insurance for the banks in case you do not go forward with the first mortgage. There have been so many foreclosures in the business lately that PMI companies are getting tougher and tougher creating a bottleneck of buyers unable to get loans. If you have 20% down you avoid all that.
If not, don’t fret. There are many banks that will finance condos. The programs are starting to pop up now. 1% down programs, no money down through a company called NACA.com, FHA programs with 3.5% down: they’re all over.Â
If you want to own a condo, do a search for condos in Chicago, target the best five to ten and choose a professional that can help. Before you know it, you’ll be living in your new palace.
Tags: Chicago Condos, condo search, condos, condos in Chicago, MLS condo search, search for condos in Chicago
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Wednesday, May 27th, 2009
Preconstruction Chicago condos are scattered throughout the city. What exactly does preconstruction entail? Developers are required to pre-sell a certain percentage of unbuilt condominiums in order to obtain a construction loan from a financial institution. Therefore, preconstruction Chicago condos offer a variety of benefits as the developer extends significant discounts to entice sales and begin the sales momentum. This applies to preconstruction condos in surrounding suburbs as well.
Some of the benefits preconstruction Chicago condos offer are lower prices, an investment that will appreciate, moving in with equity already established, and an opportunity to customize your home. It sounds like an irresistable opportunity; however, there are risks involved that need to be understood before proceeding. But, if you plan carefully, you can be a winner purchasing a preconstruction Chicago condo or preconstruction condo in any surrounding suburbs. Knowing and understanding the process will minimize your risks. The first step is reserving one of those preconstruction Chicago condos. Secondly, carefully review the documents and assess whether you can abide by the condo Association rules. In the third step, you have your Right of Rescission which allows you 15 days to change your mind. By the fourth step, you’re entering in to a contract and given 7 days to cancel before penalties are incurred. The fifth and final step is you close on your new preconstruction Chicago condo.
Purchasing a preconstruction Chicago condo or any new construction requires a certain kind of individual. Reason being, you’re purchasing a property that has not yet been built. Therefore, in most instances, you’re purchasing off of a floor plan that encourages a significant amount of visualization on your part to see the end product. If this sounds like you, then seize the phenomenal opportunites to purchase and own a preconstruction Chicago condo, or any new construction, by contacting your OwnACondo.com specialist today! Our condo specialists can help you identify any preconstruction Chicago condo or new development in other areas. The condo specialist will not only send you various listings to preview, but can provide resources for condo financing. At OwnACondo.com, we work with reputable vendors that offer a wealth of knowledge to identify how you can purchase a preconstruction Chicago condo or preconstruction condo in surrounding suburbs. In addition to fulfilling your financing needs, an OwnACondo.com specialist can connect you with other resources needed to pursue purchasing a preconstruction Chicago condo. Why wait when we’re living in a buyer’s market? Now is the time to purchase a preconstruction Chicago condo or preconstruction condo in the surrounding suburbs.
Tags: Chicago Condos, preconstruction Chicago condos, preconstruction condos
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Wednesday, May 27th, 2009
Are you looking for more living space? Are you tired of paying high monthly rents on small apartment spaces? If so, making the decision to rent a condo will vastly improve your individual circumstances. Not everyone wants the responsibilities of property ownership. Many of these people often have jobs that require that they move frequently and they do not want to deal with the hassle of constantly buying and selling property. Unfortunately though, these people have a limited amount of options when renting apartments, but what many of them do not know is that for about the same monthly payment, they can be renting a condo.
If you decide to rent a condo, you will obviously appreciate the extra space. Many condos have living rooms, dining rooms, larger bathrooms, and greater storage areas. You will also find that condo owners are more apt to make improvements and upgrades to their property than any apartment owner. Many of these condos have great upgrades like stainless steel appliances, granite countertops, and hard wood floors. Since condos are considered investments by their owners, they are much more likely to make improvements upon them. You will feel much more comfortable inviting guests over to your residence and they will have much more space to enjoy themselves.
The buildings themselves are also much nicer and better maintained. People have many options to choose from when buying a condo and building owners want to make any improvements that they can in order to attract buyers. Many condo complexes have pools and tennis courts on their grounds. They will also build walking paths and keep up with their landscaping. Not only can you enjoy a better indoor environment by choosing to rent a condo, but you will also be impressed by the better care that is provided to the outside of the building and grounds as well. Many condos also have great balconies or outdoor spaces to offer. There are numerous benefits associated with condos that aren’t available to apartment dwellers.
If you do not want the responsibilities of owning property, you do not have to live inside of a small apartment. There are a number of rental options that are available in many cities across the country. You can find a great condo to rent and enjoy the benefits of living in a condo while not having any of the extra stresses associated with property ownership.
Tags: Real Estate Companies in Chicago, rent a condo, Working with a Realtor
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Wednesday, May 27th, 2009
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!
Tags: Chicago Condominiums, Chicago Condos, condo, condos in Chicago, condos in downtown Chicago, downtown Chicago condos
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