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$950 Down

Monday, February 15th, 2010

$950 Down

There is no better time than the present to buy condos, because along with low interest rates and tax incentives that make it a buyer’s market, motivated developers are offering incentives such as the $950 down program, which allows qualified buyers to get their own condo for an initial down payment of $950.

That’s right, just $950 is all that is needed as a down payment to buy one of the hundreds of  condos being sold through the condo program for people with credit scores of at least 620. More than 820 condos located in developments throughout the Chicago area are available for $950 to first-time buyers and repeat buyers, with initial 6.5 percent interest-only financing provided by the developer.

One-. two- and three-bedroom condos with prices as low as $69,900 are available in attractive developments such as Grays Point in Grayslake;  Waterfall Glen  in Willowbrook; Lloyd Place in Worth; Scenic Tree in Palos Hills; and the Oak Lawn developments of Menard Manor and Park Place.  Monthly payments for the condos, including assessments, average between $750 and $1,000.

But the time is limited for those who want to take advantage of the program, which will end April 30, so anyone interested is advised to act quickly and lock in a deal for the condo of their dreams. The deadline coincides with the expiration date for the Government-Sponsored  Tax Credit, which participants in the $950 down program will apply for and receive after the initial land contract, and use to build up their down payment for a conventional loan. First-time home buyers could get as much as $8,000 as a tax credit, or $6,500 for a Repeat Buyer.

When the buyer refinances, within 18 months, the tax refund will go toward the down payment. Bank of America, the exclusive partner of OwnACondo.com, can gets loans with excellent interest rates that could be  as low as 5.25 percent.

The $950 down condo program is especially good for people who are renting, and would like to buy a condo, but might have thought they could not afford one. You can’t beat $950 as a starting price, and there are a lot of condos to choose from.

All the condo developments are in great suburban locations. Many buildings have been recently renovated, and they all have attractive amenities inside and outside the buildings. They are close to transportation, shopping, restaurants and parks, too.

 In short, you can’t really go wrong with the $950 down program. It is one of the best incentives anyone could ask for to become a property owner.

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Buy a Condo

Monday, February 1st, 2010

There are a few things to consider when you buy a condo.   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. When you buy a condo 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. 

Another area to consider when you buy a condo is the community in which you are buying.  Does it fit the lifestyle you want?  What is the financial status of the condo association?  How many units are vacant and how many units are rented?  If at all possible, talk to some of the unit 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.  Remember you are buying into an entire community and it is important that you know all you can before making a decision.

Condo living offers so many advantages and can accommodate many different types of people.  It has become increasing popular with singles all the way to retired couples.  Buying a condo is a very viable option for anyone who wants maintenance free living and the freedom to spend their free time as they wish not being pinned down with snow removal, lawn maintenance, or any of the other activities owning a single family home requires.  Condo living can also offers many types of amenities not otherwise affordable such as, pools, tennis courts, exercise rooms and much more.  All the reasons above is why condo living has become such an attractive home ownership option.  If you are thinking of purchasing a home in the near future you may want to consider the condo lifestyle.

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Chicago Condos for Sale

Tuesday, January 5th, 2010

If you are looking for a low-maintenance lifestyle, maybe in a popular downtown location there is no better place to look than Chicago condos for sale.  Living in a condo in downtown Chicago can offer many benefits that you will not find in a home in the suburbs.  They can offer more plentiful amenities, such as snow removal and lawn care maintenance, and an active close-knit community.  All of these offer a different lifestyle that many find appealing.

Chicago condo listings are poised to take off due to the economic policies our government has put in place to encourage home or condo ownership.  Congress passed an $8000 non-repayable tax credit this year which will give Chicago a shot in the arm in housing activity.  The credit is available to anyone who has not owned a primary residence during the past three years and is equal to 10 per cent of the home’s purchase price up to a maximum of $8000.  It is the perfect incentive for first time homebuyers who are interested in owning their own home or condo in an exciting city as Chicago.

Chicago condos for sale are seeing a great deal of activity.  Owning a condo has many things in common with owning a traditional home, but it is the differences that count.  Cities like Chicago can offer a diverse style of living that may not be for everyone so it is important before you make that jump into condo ownership that you know what is important to you regarding your personal tastes and lifestyle.  Recently 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.

There are many Chicago condos for sale in a variety of communities and neighborhoods.  Chicago is known for its ethnic groups and communities and condos are being built or re-furbished in almost all of these areas.  If you are looking for a different lifestyle in a vibrant community atmosphere there is no better place to look than Chicago!

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Purchasing a Condo

Tuesday, December 15th, 2009

To put it simply a condominium is a form of home ownership in which individual units of a larger complex are purchased, not rented.  They may be commercial warehouses, townhouses, converted apartment buildings or newly constructed buildings designed specifically as condominiums.  The word condominium does not apply to the unit itself but how the unit is held legally.  Those who purchase a condominium technically own everything from the walls inward and individual condo owners have shared rights for the areas such as hallways, grounds, pools, clubhouses, and elevators.  The maintenance of these common areas is usually the responsibility of the condominium association.  Each owner shares a common interest and has an obligation to pay monthly dues or special assessment fees.

Condominium ownership many times is the best option for potential homeowners.  If you would like to have a pool, playground area, clubhouse or many of the other amenities a condo offers then buying into a complex with all of these is your best choice.  You just need to remember you are paying for these with your association fees and there will be others who use these facilities also.  Most veteran apartment dwellers benefit from purchasing a condo because they are used to having neighbors close by and using the same amenities with others.  Normally the overall price of a condominium is less than single family homes but still allows equity to build so it is no different in regards to recouping costs assuming the property will appreciate.

Before you run out to purchase a condominium there are several things you need to consider.  Find out if the building has a good reputation.  Ask current residents how often repairs and maintenance are done and remember the association decides what is done and at what cost to each of the members.  Check out parking and security arrangements before you buy especially if you have multiple cars or are concerned about your own well being.  Another area to consider is budgeting in the association dues.  When you are thinking of buying a condo you will know what your mortgage payments will be but an added unexpected fee could strain your budget to the breaking point. 

Condominium living is not for everyone but can be advantageous financially since you now own your own home.  You are able to enjoy many of the amenities normally not affordable with ownership of a single family home.  You have the pride of ownership and a financial investment that will pay off future dividends.

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Purchase a Condo

Thursday, October 15th, 2009

There are a few things to consider when you purchase a condo.   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. When you purchase a condo 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. 

Another area to consider when you purchase a condo is the community in which you are buying.  Does it fit the lifestyle you want?  What is the financial status of the condo association?  How many units are vacant and how many units are rented?  If at all possible, talk to some of the unit 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.  Remember you are buying into an entire community and it is important that you know all you can before making a decision.

Condo living offers so many advantages and can accommodate many different types of people.  It has become increasing popular with singles all the way to retired couples.  Condos are a very viable option for anyone who wants maintenance free living and the freedom to spend their free time as they wish not being pinned down with snow removal, lawn maintenance, or any of the other activities owning a single family home requires.  Condo living can also offers many types of amenities not otherwise affordable such as, pools, tennis courts, exercise rooms and much more.  All the reasons above is why condo living has become such an attractive home ownership option.  If you are thinking of purchasing a condo in the near future you may want to consider the condo lifestyle.

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Search for condos in Chicago

Thursday, September 24th, 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.

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Should I buy now?

Monday, September 7th, 2009

All we hear right now is about unemployment, health care reform and bailouts.  That doesn’t mean there has not been talk of the real estate market and what is happening in that part of the economy.  What I am hearing a lot about is should I buy now or wait for the market to bottom out?  Depending on who you listen to the market may or may not be at its bottom and who in all reality can forecast it.  Many of those so-called forecasters were the ones that missed all aspects of the economy as it was tumbling downward.  And down is not always a bad place to be since the only other way is up.  Whether we are at the bottom, close to the bottom or on our way up it is a good time to buy your home or condo.

Should I buy now?  Absolutely, and let me tell you several factors that are in your favor by acting now and not trying to guess at a target that may always keep moving. 

We have a tax credit!  Let me say that again since you probably did not get the full impact of what that statement means in today’s economic climate.  A tax credit means you do not have to pay it back.  That’s right, it is free money and when is the last time you received free money.  It is not as perfect as it could be because there are several requirements but all in all they are not that difficult.  First, you must be a first time home buyer or not owned your principle residence in the last three years.  Second, if you are single your income cannot exceed $75,000 per year and married couple’s income cannot exceed $150,000 per year.  The last part might be a little trickier since the tax credit is only if you close your home or condo on or before November 30, 2009.  That is less than 90 days away and if you don’t get moving now you are not going to make the deadline.

Another reason to ask yourself if I should buy now is interest rates are lower than they have been in years.  Do you realize that you can get a 30 fixed rate for less than 6% from many lenders.  That means you can afford more home or if you want you can buy a more reasonably priced home and keep the payments low, maybe even less than you are paying in rent.  Would you have imagined several years ago that you could get free money and a great interest rate on buying a home?  If you are like most of us you would have laughed us out of the place, but it is happening now.  We would never have guessed it just like we are never going to guess the bottom of the housing market.  So just do it!

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Buying a Condo

Monday, August 3rd, 2009

The real estate market today is certainly offering its challenges no matter if you are buying a condo or trying to sell your condo.  No one knows what the future holds for you, your family, you job or your finances but buying a home is in most cases the wisest and most financially astute decision you will ever make.  If you are a first time buyer everyone wants to give you advice about what to do, many most likely are encouraging you to buy a home.  That’s all fine and good but ultimately the decision is yours and the more you know about why you should buy a home, the less scary the process will appear to you.

The first thing you need to do when you are thinking about buying a condo is to ask yourself whether it makes more sense to keep renting for a while.  There are a lot of advantages to buying a home and in many cases it is a smart choice.  Most of the time it is a matter of timing because your life cycle changes and owning condo makes more sense at some times more than others.  When you are just getting started with your new job and possibly a new location buying a home may be a little premature.  Waiting till later in your career may be a smarter move because you may have settle on your career and location that may end of being a more long term situation.  In other words, a more stable plateau in your life cycle is more conducive to owning your own home.

There are many reasons why buying a condo is a good decision other than where you are with your life and career.  Uncle Sam helps out home owners with tax deductions on your mortgage interest and real estate taxes.  This can mean significant savings over your lifetime which in any economy is an advantage.  Speaking of savings there is always the appreciation of owning your own home.  Real estate moves in cycles over the years and real estate has consistently appreciates if you stay long enough.  It is for most people an excellent hedge against inflation.  Many people use the equity in their home in home equity mortgages to fund college educations, retirement accounts and a variety of other uses when money is needed.  The advantage here is that interest on those loans are also tax deductible reducing your tax burden.

Homeownership may not always be the best choice depending on your situation but pride of ownership and making an investment in your future makes a strong case when you are thinking of buying a home.

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Sell a condo in Chicago

Saturday, July 25th, 2009

When you want to sell a condo in Chicago, you’re going to have to helicopter above the situation and really analyze how it looks from a consumers view.  You have to take yourself out of the picture.  Remember, you’ve decorated the condo for your tastes.  You now have to think about how to make it appealing to the masses.  Just because you like green on your walls doesn’t necessarily mean that everyone likes green. If you want to sell your condominium, you’ll really need to think about what most people like, not the eclectic.

How do you sell your condo fast? The quickest way is to sell it under market value.  That’s by far the fastest method.  If your condo is not selling, one of the reasons is probably what it’s priced at.  We can sell anything tomorrow if we came down enough. That’s obvious.  So, first start with looking at what price you’ve put the Chicago condo at. 

Next is how the condominium shows. Get all the junk out.  Pretend it’s the time when you moved in.  All the clutter from all the year’s you’ve owned the condo caused you to be a collector of things.  A lot of those things are basically junk.  You really need to take a step back here and really determine what you need and what you need to throw out.  This is critical.  Think again how you would be as a buyer.  Everyone likes a clean and tidy product when they’re buying.  When you reduce the clutter, you’ll give the buyer a whole different feel and perspective about the condominium. Carpet cleaning and fresh paint are a must.  Please paint neutral colors.  This is a big one.

The third step to selling a condo in Chicago now that you’ve priced the condo right and you’ve made it extremely presentable for a showing is to market the heck out of it.  This is your real estate agents job.  Be sure you choose a real estate company that specializes in condominiums and has a knock out marketing presentation.  Then make sure after listing your condo with them that they follow through with everything they’re going to do.  I personally hold a meeting weekly by phone with my vendors to go through the strategy on the following week.  Each week should be mapped out on what they plan on doing to get the condo sold. 

If you work these three areas, you’ll find that your Chicago condo will be sold in no time.

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Condo Sales

Monday, July 20th, 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 today is condo sales.  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. 

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 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 condo sales.  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.

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