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Archive for July, 2009
Friday, July 31st, 2009
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
Tags: Chicago Condos, Chicago Real Estate, condos in Chicago, real estate in Chicago
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Friday, July 31st, 2009
Distressed Chicago condos are everywhere right now. They’re showing up in Chicago bank REO portfolio’s, in Chicago Auctions, condo short sales and the foreclosure market has a ton of them.
How do you take advantage of all the distressed Chicago condos? The first question is, “What is a distressed Condo?” To understand distress is to really understand market value. The best way to get educated about true condo market value is to analyze all the sold Chicago condos over the last three months. Take an area of Chicago that you’re interested in owning and begin the process of looking at all condos that sold. Drive by the complexes, start taking notes on the square footage, condition, price per square foot, numbers of bedrooms, etc. After a certain amount of analysis, you’ll begin to see a trend that’s hard to escape. After further review, you begin to get to understand a deal when you see it. By doing the exercise above, you’ll easily be able to spot a deal when it comers at you. Until you do the analysis of sold condos in your area, you really will never truly know if it is a distressed condo.
Buying distressed condos in Chicago starts with the solds, but after you get a feel for price, the game plan is to find the condos in distress. The first place is to find Chicago realtors that work this kind of real estate. They are a great source because they’ve got contacts with banks and lenders that want to get rid of product that they’ve foreclosed on. They will normally have a few trusted agents that they will have a relationship with letting them inspect or even represent a portion of their inventory they want to sell quickly. These agents are invaluable. They’ll ring you deals behind belief, many times selling condo product at twenty to fifty cents on the dollar.
The next place to find distressed condos in Chicago would be to do a lot of inspections of condos. Get out there are investigate. For every ten you look at, you’ll start to see at least one or two condos that you can recognize that the seller is in distress. Make many offers. I just about offer on everything I look at. Almost every condo works at a certain number so why not offer. If you look at one hundred condos and make one hundred offers, you’ll find a number of sellers ready to meet your needs.
Tags: Chicago condo distress, condos, condos in distress, Distressed Chicago condos
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Thursday, July 30th, 2009
Let’s be honest. The national real estate market is certainly facing its challenges and the Chicago Real Estate market is no different but there are some reasons to be optimistic about what is happening across the nation and more specifically in the Chicago market. The Chicago Tribune reported new housing and condo developments have undergone a record seven month decline, which may be the reason the Chicago condo market is somewhat stable. The lack of new developments has helped to slow a glut in the housing and condo markets for Chicago and we are beginning to see prices stabilize. I am hearing from many potential condo buyers that they expected a big collapse in prices so they could pick up a condo cheap but they now think that collapse may never happen. We could very well be at the bottom of the housing market which means there is no way to go but up encouraging buyers to get in the market for those great deals before they are all gone.
The Chicago real estate market is improving due to the current rental market. Chicago is known for the consistency in which rents increase. The media has sensationalized the troubles in the real estate market regarding the difficulties in getting financing to purchase a home or condo which has encouraged landlords to increase their rents year after year believing the market is glutted with renters. Nothing could be further from the truth. With the advent of rent to own programs and the $8000 tax credit more and more potential first time home buyers are entering the market. There is no question even in today’s real estate market that owning a property is a much better alternative if you intend on staying for at least 4 or more years.
Historically, the Chicago real estate market has been volatile with its many well known developers, political movers and shakers and just the attitude of its residents. 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 Wrigleyville. 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. Check out the condo market in Chicago, you will be pleasantly surprised.
Tags: Buying a condo, Chicago Condos, Chicago condos for sale, Chicago Real Estate, Chicago Realtors, condos in Chicago
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Thursday, July 30th, 2009
Thinking of relocating and need help finding a condo? OwnACondo.com is one of the biggest condo relocation companies in the United States helping people from Los Angeles all the way to New York, down to Miami and across the United States to Chicago. Head quartered in Chicago, OwnACondo.com can help you sell your condo anywhere in America and help you purchase anywhere you’d like as well.
Condo relocation works basically in two parts. Let’s start with selling. If you’re thinking of selling a condo and need help but cannot find an expert in your area to help you sell your condominium, we can help. We network with hundreds of realtors that specialize in condominiums. Once you tell us what and where, we go to work. We’ll find you a condo specialist within twenty-four hours in the area you want to sell. Once you’ve established a relationship with the real estate agent and get the process for selling your condo off the ground, I’m assuming the next step would be your interest in buying a condo.
The condo relocation process for buying in another city is just as easy. You want a condo in Chicago and you’re from San Diego, what do you do? How do find out about the condo inventory available and what are the hot new developments? OwnACondo.com will be able to network you with an agent in the city you’re looking to buy in just as easy as if you were going to sell in that city. We are condo specialists and we’ll make sure that the real estate agent that we refer you to is a competent and experienced individual focused on condominiums in the area that you want to business in.
Condo brokerage is nothing more than real estate brokerage that specializes in one thing; condominiums. The difference is huge. A real estate agent that does nothing but one thing is going to become an expert in that field because that is all they do. Think back about a hundred years ago when you got sick. You went to a general practitioner. If you had an eye problem, heart problem or a back problem, one person was your doctor. Today, there are specialists and for good reason. When you do one thing, you get extremely good at it.
Condo relocation puts you in touch with condo realtors in your area. If you’re looking to buy or sell a condo in another city call us today at 866.696.2266.
Tags: condo relocating, condo relocation, condos, relocating to another city, relocation
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Wednesday, July 29th, 2009
You have found the condo of your dreams and are ready to buy but hold on. You need to do some homework before you buy and find the perfect condominium specialist. Not every real estate agent is a condominium specialist, in fact there are not that many. Your condo specialist can help you in many ways from showing you the properties in which you are interested all the way to getting the offer accepted and closing on that place you always wanted. But hold on, there are a lot of things to think about.
Buying a condo is different from most single family homes because they have an association which can mean living in a pleasant environment or that nightmare you often hear about but your condominium specialist can help you make the right decision. In regards to the condo association most people don’t think about the association board meetings. This is where you can find out about all about what the owners may be complaining about from the plumbing to the gardener’s absence. By getting a copy of the minutes of the association board meeting you will be able to tell what gripes the owners have and if the complex is having management difficulties. Even if there are no complaints the minutes can tell you the types of projects that are under way or on tap that the owner may have neglected to tell you. The minutes will also tell you the delinquency rates of the present owners which can be a sign of discontent or an indication the association might be underfunded.
When you are buying a single family home many people can do without an attorney but there is so much more involved when buying a condo. Contact a local real estate lawyer who is familiar with condo associations and have them look over the by-laws. Simple areas to investigate are if the association by-laws are consistent with state laws and do they coincide with the style of condo complex. Your lawyer can also screen the association at the local courthouse to see if any owners may have filed a lawsuit against it.
Finding the right condominium specialist can be easy. Go online and find the real estate company in your area who specializes in listing and selling condos. Their website should have a plethora of information regarding all the ins and outs of buying or selling your condo.
Tags: Chicago condo company, Chicago Condos, Chicago condos for sale, Condominium Specialists, condos for sale in Chicago, condos in Chicago
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Wednesday, July 29th, 2009
The Chicago condos that we are highlighting this week are Parkview Condominiums, Winthrop Club Condominiums of Evanston and Superior 110 Condominiums out of Chicago. All three condo complexes can be found by clicking the link above.
To get an accurate account of all Chicago condos available, go to our condo search button allowing you to access all 35,000 plus condos available here in the Chicago area. The process take no longer than five minutes and will allow you visibility of every condo that becomes active. This is known as the condominium multiple listing service and it covers all of northern Illinois. When an office lists a condo, regardless of the real estate office, they put the listing into the computer system known as the MLS. This gives access to the product by everyone in the industry that is a member of the MLS. Nearly every office you see on the streets is a member of the MLS.
Why is having access to all the Chicago condos for sale a good thing? This allows you to shop without the realtor.  You can look and drive by all your favorite addresses to get a feel for the Chicago condo market. Once you’ve zeroed in on a price and location and want to move to the next step, you simply call the real estate agent up and have them set up a showing. This saves everyone a lot of time and effort. Your realtor doesn’t have to make appointments on condos you may not be interested in. You tell them the addresses to set appointments on because you’ve already seen the outside of the condo complex.
If you’re serious about buying a condo soon and are a first time buyer, make sure you close by November 30th, 2009 to take advantage of the $8,000 tax break the government has given you. This date is in stone. You have to close on the condo by no later than November 30th.
Are you looking for a condo in Chicago without talking to a lender first? That’s the first step in any transaction. The lender will quickly give you an idea how much they will lend you based on your financial situation. Take the time to speak with a lender and avoid countless hours of looking at condo real estate you may not be able to afford.
There are lot’s of Chicago condos for sale right now. Do your MLS search and start the happy process of buying your own condo.
Tags: Chicago Condominiums, Chicago Condos, condo, condos, condos in Chicago
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Tuesday, July 28th, 2009
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!
Tags: Chicago condo company, Chicago condo developments, Chicago Condos, Chicago condos for sale, Chicago Realtors, Condo Specialists, condos in Chicago, real estate in Chicago
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Tuesday, July 28th, 2009
Continuing on our talk about marketing condominium complexes, once the staff is chosen to represent the development and the office hours have been established, the next step is how the property is going to be advertised to the general public.
To market condo developments properly takes a lot of preparation and work. It should start with a planning session with the entire group with a roundtable discussion about end goals and who will be doing what in the marketing process. This should take at least a few hours of discussion. There should be dates and bench marks of achievement and all involved should have some sort of accountability each week for getting part of the marketing done.
As the marketing begins for the condo complex, it’s imperative that signage for the building is in place. Of all the marketing and lead generation avenues, nothing seems to work better than proper signage. The “condo for sale” sign should be prominently posted so everyone can see it passing the condominium complex. Secondary sign such as yard signs or “A” frame signs should be in each corner directing traffic to the sales office. The next step is to see if you can get signs posted on main street corners a few blocks away from the condo complex. This is huge if the village in the area allows it. Many complexes are hidden on residential streets. If you can get a sign on a major intersection posted to direct traffic to the complex, it will pay huge dividends. And for those of you that are not sure of the type of sign I’m talking about, they’re the small yard signs you see that say for sale. It doesn’t have to be anything elaborate, just something that can stand on its own and be seen by traffic driving by.
Now your signage is up and hopefully displayed not only in front of the condominium complex but on street corners a few blocks away directing traffic to the complex. The next step is to get the complex advertised everywhere on the internet that you can. The Multiple Listing Service is a must. You must be able to advertise the complex to all the real estate brokers and this is where they do their search. Once the condo complex is listed with a MLS, there are usually other MLS websites that the listing gets copied to. Make sure the listing is with Realtor.com, that’s a big one and everyone looks in it.Â
In our next discussion, we’ll talk about some guerrilla marketing methods that can be used to help sell anything.
Tags: condo, Condo complexes, condo marketing, condos, marketing condo developments
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Monday, July 27th, 2009
In most states, condominiums do not have a corporation set up to be responsible for the liabilities, taxes and governance of condos, PUD’s or condotels. That is why each state has a special set of condominium laws detailing how condos must be organized and operated. These laws require each condominium project to file a declaration and by-laws, with specific requirements regarding the rights and duties of the association. Condominium statues vary considerable from state to state and many times lack protection for the consumer. While some states provide only the barest framework for creating and governing condominiums others are very complex and can be confusing. Before you buy a condo it would be a good idea to obtain a copy of the state law and consult a trusted real estate attorney.Â
Condominium law can be quite confusing with all the definitions and time well spent may be the key to making a good decision if you are a first time homebuyer or a seasoned homeowner purchasing for the second or more times. Â Some important definitions are contained and been paraphrased in the interest of space.
Declaration – the instrument by which the property is submitted to the provisions of the act. Declarations can be amended from time to time depending on local or state laws.
Unit – means a part of the property designed and intended for any type of independent use.
Common elements – means all portions of the property except the units.
Unit owner – means the person or persons whose estates or interests, individually or collectively, aggregate fee simple absolute ownership of a unit.
Condominium instruments – all documents and authorized amendments thereto recorded pursuant to the provisions of the Act, including the declaration, bylaws and plat.
Common expenses – means the proposed or actual expenses affecting the property, including reserves, if any, lawfully assessed by the Board of Managers of the Unit Owner’s Association.
Association – the association of all the unit owners, acting pursuant to bylaws through its duly elected board of managers.
Reserves – those sums paid by unit owners which are separately maintained by the board of managers for purposes specified by the board of managers or the condominium instruments.
The condominium law definitions above are from the Illinois Condominium Property Act first established in 1963. Today the popularity of condo living has exploded throughout the country and laws governing these types of properties are being looked at closely. With baby boomers entering the market interested in moving away from the traditional detached homes, condo living has become much more attractive and laws governing them can be very important.
Tags: Chicago Condos, Chicago condos for sale, Chicago Real Estate, condominiums, Condominiums in Chicago, condos in Chicago
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Monday, July 27th, 2009
Listing your condominium development with a real estate brokerage opposed to handling it yourself is a decision you’ll ultimately have to make. There are a number of positives and negatives with both. Let’s break it down.
Representing Condominium Developments is a huge undertaking. It takes experience and a lot of work to do it right. The listing condo company has to be ready to do things much differently than just taking one condo to represent. When you list a condo development, you normally are listing dozens of condos, not just a few. How do you market a project to get the number of buyers you need in a development opposed to a single condos?
It starts with a team. It’s impossible to represent a development of condos by yourself. You need a team of specialists that will work the entire complex. It starts with hours the complex will be open for business. Most Realtors will want to work only the weekends, but this is not representing the owner or seller of the condominium complex the right way. The right way is to have the complex open seven days a week. Just think about how money is involved here. If the condos are priced on average at $250,000 and there are ten or more in the complex, we’re talking about $2.5M of business. This is enough to keep any store front open seven days a week, so why not the condominium complex?
If I were a seller of a condominium complex, I would fight this one. The team has to be open seven days a week no matter what. And one of those days the complex should stay open until 8PM for people that work nine to five. I’ve seen so many situations of condo conversions and new construction condo developments with hundreds of units to sell and millions of dollars to be made, not open seven days a week. It’s absolutely ludicrous. You have to be available for the customer. If you’re not open, they’ll go down the block to the next place. Never let the buyer escape.
In representing a condo development the next step is the marketing plan. In the next blog, we’ll get into the details of a great condo development marketing plan. It must be extensive and able to attract many buyers. We’re selling dozens of condos, not one. It will need to bring in the masses.
Tags: condo, Condo Conversions, condo development marketing, condo marketing, condos, marketing condo developments
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