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Archive for the ‘Chicago Condos’ Category
Monday, February 15th, 2010
At OwnACondo.com, we’re in a pretty unique position of being able to offer condo buyers and sellers some really amazing opportunities.
Buy a condo for $950 down? Until a week ago, it probably wasn’t possible anywhere around Chicago. But, thanks to the initiative of a leading Chicago real estate developer, we’ve been offered the opportunity to market and sell more than 800 of his condos in several very desirable suburban Chicago communities.
What’s been the barrier for so many people in the current real estate market? Primarily, the down payment. Cash-strapped individuals and couples know the sense of owning rather than renting; they certainly prefer a place of their own; but since lending practices drastically tightened recently, many people are simply finding it too difficult to scrape together the necessary cash.
Well, scrape no longer. Now qualified purchasers can buy a condo for $950 down.
Here’s how it works:
- Select a one- , two- or three-bedroom condo (availability varies per location) in the $950 Program and make the down payment.
- Have an initial closing on the condo with financing provided by the developer (6.5% interest-only).
- Apply for and receive one of two popular tax credits provided by the federal government as part of the economic stimulus plan: the First-Time Home Buyer Tax Credit worth up to $8,000 or the Repeat Buyer Tax Credit worth up to $6,500 (we’ll help you file an amended return to speed the arrival of the credit if you’ve already sent in your tax return this year).
- Put the tax credit proceeds toward what you owe on the condo. This brings up the total downpayment enough to make you eligible to qualify for conventional financing.
- Apply for financing with our exclusive lending partner in this program, Bank of America. You’ll get a great rate on any number of loan products that fit your situation, including fixed, adjustable and more.
- Have a second closing with your new Bank of America loan.
Here are the suburban Chicago communities where these affordable condos are located:
- Grayslake
- Oak Lawn (three individual developments)
- Worth
- Palos Hills
- Willowbrook
Is there a catch? You betcha. The catch is you have to act QUICKLY. The program is available only as long as the government tax credits last. They’re set to expire April 30, 2010. OwnACondo.com nor the developer can control that. One credit has already been extended and the other has been in existence only a relatively short time. These credits are doing what they were introduced to do: stimulate the housing market, and THEY CAN’T BE COUNTED ON TO BE EXTENDED!
Naturally, there are qualifications and requirements in order to be eligible for the intial financing, the tax credit and the condo financing from Bank of America. We can tell you all about it. If you want to buy a condo for $950 down, you simply have to make the call and contact us. We’re ready to help you. Just dial 866-696-2266 and do it today.
Tags: $950 down payment program, Buy a Condo, Chicago condo developments, Chicago Condos, Chicago condos for sale, Chicago Real Estate, Condo financing, Grayslake condos, Oak Lawn condos, Palos Hills condos, Willowbrook condos, Worth condos
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Thursday, January 7th, 2010
Where can you find the best Chicago condos? 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 River North. 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. Chicago condos have become one of the fastest growing segments in the residential real estate market for first time homebuyers or those looking to experience the excitement of downtown living.
There are literally hundreds of condos to choose from at almost any price. There are several major developments currently going on downtown and many developers are rolling out new incentives for pre-construction Chicago condos. Some developers are offering credits as high as $30,000 toward furniture as well as the services of a professional interior designer who sign up before a deadline. Others developers are offering a wide range of incentives from free parking spaces to options on floor plans at no cost and price guarantees.
Some of the best Chicago condos are scattered throughout the city and below are just a few.
• 6 North Michigan Ave
• Century Station
• Ecologic Lofts
• Joffrey Tower
• Market Street West
• Medinah on the Lake
• One Museum Park
• Walton on the Park
There is no better time to start looking for the best Chicago condos than now. Interest rates are low and pricing is the most reasonable in years with developers and sellers offering incentives to make their units stand out. That is why choosing the right Real Estate Agent to represent and market your property is a smart move. Your agent will review with you the different kinds of listing agreements or sales contracts and recommend the structure that would work best for your marketplace and property. But no matter who you choose, always look for these four parts in the agreement.
1. Timing – duration of the agreement should be clearly stated
2. Compensation – fee structure and payout
3. Cancellation – What happens if you wish to cancel the contract
4. Disputes – How will disputes be handled.
The agreement is an important document. Read and understand all sections and if you don’t ask a real estate professional or attorney.
Tags: Chicago Condo, Chicago condo company, Chicago Condos, Chicago condos for sale, Chicago Real Estate, Condo Auctions, condos in Chicago, real estate in Chicago
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Wednesday, December 9th, 2009
Condo rentals are a means to many different types of ends. Condo rentals in Chicago can help you to find the perfect place for you no matter what your motivation might be, from a place to call home until you can purchase or possibly for that much needed vacation residence.
Condo rentals in Chicago for your vacation are open to everyone, no matter your age, background, or lifestyle. The jazz clubs in which Chicago is well known for will delight music lovers. If the national pastime is more to your liking, Chicago offers two major league teams each in a different part of the city. Everyone in the family will enjoy the many architectural and historical landmarks that Chicago is known for from the Sears Tower to Soldier Field. Other sights to see are the many museums that are home to Chicago such as, Shedd Aquarium, Field Museum, Museum of Science and Industry and the Kohl’s Children’s Museum known for it’s hands on learning laboratory. But that’s not all for the kids! The attraction-filled Navy Pier and Lincoln Park zoo will make your vacation one that the kids will remember for a long time. A relatively new addition to Chicago will excite the kids beyond belief with a trip to Millenium Park and “the bean” where reflections of the city makes incredible photos to take home to their friends. Last but not least is Lake Michigan which is always fun when it is sunny and warm out. If this doesn’t sound appealing to you yet then perhaps you are wondering about how affordable condo rentals can be. Don’t worry you can definitely find cheap accommodations no matter if it is a weekly rental or one night accommodations.
What if you are not looking for a vacation rental? Condo rentals in Chicago are also an excellent source to find a place to live. You may just need a place to rent until you decide to buy or possibly enter into a rent to own agreement which is becoming more and more popular in today’s real estate market. Either way finding a condo in Chicago is just a click away but there are several things you show know.
- All rental agreements are not alike – a lease us for a definite period of time, generally one year. A month to month rental agreement is not for a set period and continues until you decide to move or the owner asks you to leave.
- Rental agreements do not have to be in writing, they can be oral. However, a lease for more than a year generally must in writing.
- You have rights! The law says that your apartment must be livable. You must have hot and cold running water, heat, and electrical lighting in good working order.
Finding a condo to rent or buy can be a daunting task but doing your homework and finding the right real estate agent to help will pay off many times over.
Tags: Buy a Condo, Chicago Condos, Chicago condos for sale, Chicago Real Estate, condos in Chicago, Rent to Own Condos
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Friday, November 13th, 2009
Condos in the Chicago area
Being a prospective home buyer looking for condos in the Chicago area can be both fun and intimidating at times, due to the number of options available. Of course, location and price are always the most important considerations, but seeing so many attractive luxury condos in prime locations can be tempting, even if they are a bit out of your price range.
It can be fun perusing the upscale developments in prime locations near downtown, the Magnificent Mile and the lakefront, or even in easily accessible suburbs. Many of the luxury condo high-rises offer attractive amenities such as pools, state-of-the-art fitness centers, and concierge service. Being so close to all the nightlife, shopping and cultural activities that Chicago has to offer is an added value, and the views of the city and Lake Michigan from the balconies and rooftop gardens can be breathtaking.
But when it comes to financing a condo, there is no need for a prospective buyer toget discouraged if the most expensive condos in the Chicago area are a little out of his or her desirable price range. Prices can vary a great deal, even within neighborhoods. So it is possible to find an affordable place in nearly the same location, still close to everything but having perhaps a few less amenities, but a more manageable price tag. Bargains can be found, especially if people are willing to expand their searches beyond the trendiest of neighborhoods. Many attractive condos and lofts in distinctive buildings, both newly built and renovated, are available in such up and coming, or gentrifying neighborhoods like the South Loop, Bronzeville and others.
Furthermore, there is no time like the present for buying condos in the Chicago area. Besides the fact that interest rates remain low, and a wealth of available properties makes it a buyer’s market, now would be a good time to take advantage of the $8,000 tax credit for first-time homebuyers has been extended through April, as long as the deals are closed by June. The tax credit program has even been extended to include existing homeowners, who now may obtain a $6,500 tax credit.
Both programs require applicants to meet certain income limitations. The income limitations for first-time home buyers are $75,000 for single taxpayers and $150,000 for married couples filing jointly. To get the full $6,500 credit, current homeowners may earn up to $125,000 annually as single filers, or $225,000 for joint filers. Those who make ore than that can get reduced tax breaks.
Real estate auctions are another great way to get great deals on condos in the Chicago area, because they bring motivated sllers and buyers together.
Tags: auctions, auctions in Chicago, Buy a Condo, Chicago Condo, Chicago real estate auctions, Homebuyer tax credit, new condos in Chicago
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Thursday, November 12th, 2009
OwnACondo.com’s first Chicago property auction held Sunday, November 8, turned out to be very successful, with several attractive Chicago area condos being sold to some happy buyers.
Plans are already under way for the next OwnACondo.com auction, scheduled for Saturday, January 30. It will most likely be at the same venue, the Chicago Marriott Oak Brook at 1401 W. 22nd St. The real estate brokerage is also looking forward to holding auctions in Miami, New York and other cities around the United States in the coming months.
Along with the many serious bidders at the November 8 Chicago condo auction, scores of spectators, including prospective future bidders, also turned out to observe the festivities and learn a little about how real estate auctions work. Auctioneer Vinnie Zaffarano warmed up the crowd with a practice auction, “selling” a German castle that went for a cool $9 million. A weekend at a Wisconsin beach house was also given away during the preliminary games. Afterward, both bidders and spectators said those practice rounds get them geared up for the real auction, which generated an air of excitement in the room, and went smoothly.
As a registrar at the auction, I was able to meet many of the 200 attendees as they signed in, and then I chatted with them afterward. The event lasted about 90 minutes. The young man who placed one of the first winning bids, getting a second-floor condo in Chicago Ridge for little more than $100,000, said he bought his first home at an auction and thought he might try his hand at it again. He said he enjoyed the process this time around, and couted himself lucky to come out ahead. “I though it was really well-run,” he said.
An Elgin woman also got a great deal on a home she said was in move-in condition. “I didn’t want to have to do any fixing up. I’ve done that before,” she said. She looked forward to closing the deal on the property within a week. The quick turnaround was something that the seller found attractive as well. He said that finding a buyer for his property at the auction worked out well because the process involves less time and cost than a traditional sale would.
The potential future bidders included a young married couple who liked what they saw on November 8, and are seriously considering coming to the next OwnACondo.com auction. They said they liked the fast pace of the auction process, and the possibility of buying a condo or townhome at a reasonable price.
Other observers included real estate industry representatives such as bankers and auctioneers, many of whom were complimentary about how the event was handled. Several of the officials also made helpful suggestions about how to make the next Chicago property auction even better.
Tags: auctions in Chicago, Buying a condo, Chicago property auction, Condo Auctions, Finance A Condo, Find a Condo, real estate in Chicago
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Thursday, November 5th, 2009
Home ownership on any level is wonderful. Nothing gives you a sense of pride like owning your own place and if you live in the Midwest there is nothing quite like Chicago condos in which to live. Condo ownership has some very distinct advantages versus a single family home. Let’s say you really hate to mow the lawn, trim and pull weeds, then condo living is where you want to be. Maybe you travel a lot for your job or have hobbies that you want to pursue then, condo real estate is what you need. You love to sit around the pool but can’t afford one. You have few friends and you want to meet new people. You would really like a large home in a gated community with rules and regulations but can’t afford it. Last but not least, there are some great deals in today’s market interest rates are lower than they have been in years. All of these things and more are an excellent reason to buy a condo.
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.
There are so many areas in which to buy Chicago condos that it is sometimes difficult to choose. With over 77 acknowledged neighborhoods almost any style of living is available and at almost any price. Chicago has everything from lakeshore upscale condos and townhouses to lofts in the south loop. If your tastes run more to suburban areas, Chicago offers a variety sizes and styles near the main transportation arteries whether it is the expressways to bus routes to train stations. Everything is in reach in a city with the diversity of cultures like no other city in the country. So remember when looking to find your first home or looking to downsize there is no place like Chicago.
Tags: Buy a Condo, Chicago Condo, Chicago condo company, Chicago Condos, Chicago Real Estate, Chicago real estate auctions, Homebuyer tax credit
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Monday, October 26th, 2009
In the 16 years since the CTA Orange Line opened on Oct. 31, 1993, connecting Chicago’s Southwest Side to the downtown Loop, the neighborhoods near the elevated train line’s terminus at Midway Airport have seen a proliferation of new Southwest Side condos to accommodate everyone wanting to live close to the El and the airport.
The Southwest Side was the last area of Chicago without a rapid-transit train line, and prior to the advent of the Orange Line, Southwest Side residents had to depend on buses to get downtown. Residents from other areas of Chicago, if they had even heard of neighborhoods like Garfield Ridge and Clearing, had little or no incentive to buy condos near Midway Airport. But now, Clearing and Garfield Ridge, which lie west of Midway, and Archer Heights and West Lawn, just east of it, are among the local neighborhoods that have become magnets for people from all over the city and nearby suburbs who like the idea of living near transportation that brings them downtown in 30 minutes. There is now a wide variety of condos on busy arterial streets such as 65th Street, 63rd Street, 55th Street and Archer Avenue. More are planned on Cicero Avenue and elsewhere as soon as the economy picks up. People who work at the many hotels and other businesses in the vicinity of Midway Airport are also moving into the area to be close to their jobs.
The so-called “Bungalow Belt” neighborhoods, formerly made up primarily of single-family homes, have always had a relatively low crime rate and ample parking compared to the more-congested North Side. Now with their close proximity to both public transportation and expressways such as Interstate 55, Southwest Side condos have become more sought after. Affordable condos near Midway Airport are also easier to find than in trendier North Side neighborhoods like Bucktown and Wicker Park.
In the past, the Southwest Side has been criticized as provincial and lacking in entertainment, shopping and restaurant choices, but even that is changing. New coffee shops and delis, and even antique stores, have been opening along 63rd Street, which has gotten antique lighting as well, giving the area more of a North Side feel. Much of the growth has occurred since a local business group called United Business Assocation of Midway successfully got a section of 63rd Street between Central and Austin avenues designated an Illinois Main Street, the first of its kind in the city. The goal is to make the area into more of a pedestrian-friendly shopping area, which benefits residents of the nearby Southwest Side condos, as well as visitors, who might even be enticed to consider buying Southwest condos themselves.
Tags: Buying a condo, Midway condos, new condos in Chicago, Southwest Side condos
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Monday, October 12th, 2009
When you are thinking about your vacation there are several things that need to be considered. Is your vacation site someplace that you may visit many times over the years? What is the cost to vacation in this location with all the amenities you want? Is there enough space if you intend to bring your entire family and have some privacy? If where you go is Chicago, then think about Chicago vacation condos There are some nice aspects of staying in a hotel or apartment but there are reasons to book a condo.
Normally you spend only your evening hours in an apartment or hotel so why pay a higher cost. In some cases a condo could be 10-20% less expensive.
Dining can be one of the most expensive costs for your vacation, especially if you are feeding your whole family. Children are accustomed to foods they enjoy at home and if you are dining in your own condo then it is much easier to prepare the foods they like. Another nice thing is that you have the option to dine in or out which can be a enormous cost reduction and please everyone by offering choices.
Peace and quiet is another advantage to a condo if you are looking for a romantic vacation without the kids. Condos are built to keep noise to a minimum. Hotels with elevator bells, loud late-night guests, and children running up and down halls are not very conducive to that romantic getaway. Being in a Chicago vacation condos means that you can sleep in and you will not get that hotel employee knocking at your door when you are trying to relax.
Comfort and more space are considerations when booking your vacation in a condo rather than a hotel. For the dollar value you get much more space in a Chicago condo than any hotel or apartment. More space means more privacy especially if the kids came along. Condos come with separate kitchens, living rooms, bedrooms, and sometimes even family rooms which translates into a more comfortable, stress free vacation for everyone.
One other major advantage to a vacation condo is that it is yours. You can rent it out if you desire when you are not using it which helps in paying the costs. Additionally, if you decide to sell you could realize a nice profit.
All of these things and more are the reason you should consider a Chicago vacation condos if Chicago is your primary vacation destination.
Tags: Chicago Condo, Chicago Condos, Chicago condos for sale, Chicago Real Estate, Condominiums in Chicago, condos for sale in Chicago, rent a condo
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Tuesday, October 6th, 2009
Chicago has over 77 different communities and over 210 neighborhoods within its boundaries many of which are of ethnic origin. Bucktown is one of these communities which were established mainly by Polish immigrants early in the 1800’s seeking refuge from their war-torn country. It is believed the name originated from the large number of goats the early settlers raised in their backyards, (male goats are known as bucks). Today you will not see any goats but the neighborhood is full of Bucktown condos and lofts.
The neighborhood bounded by North and Fullerton Avenues is a slightly less expensive alternative to many other areas in Chicago, although prices are rising for Bucktown condos. In the mid 1980’s a growing group of artists emerged creating an artist colony which identifies the neighborhood today. Bucktown’s past is seen through its one-hundred year old buildings, cobblestone paths, and historic churches, remnants of the early Polish immigrants. The neighborhood’s past is evident but so is its future. Contemporary architecture is found next door to vintage buildings in this neighborhood. Because of its status as a hot spot to live real estate developers moved in and started converting older buildings into loft spaces and constructing new low-rise condominiums and Bucktown condos were off and running. The new construction and refurbishing of buildings in the area lead to widespread gentrification and an increasing number of young working professionals. Most of these buildings offer home and condo buyers updated features like granite kitchen counter tops, new stainless steel appliances, hardwood flooring and remodeled bathrooms, not to mention private balconies and rooftop patios. With this renewed interest in residential property business was soon to follow. Businesses such as upscale stylish stores, trendy restaurants, and bars dot the area and are considered one of the most fashionable places in Chicago to live.
Primarily a residential neighborhood, Bucktown is a mix of single-family homes, converted lofts and Bucktown condos. The average price for a one bedroom condo runs in the mid $200’s and a two bedroom can run up to $300,000. A three bedroom single family detached home runs about mid $650’s. Bigger places that have been completely rehabbed with upgraded amenities can run as high as $800-$900,000. Private residences with more than three bedrooms in Bucktown can push upwards of a million dollars. Today young adult professionals are flocking to Bucktown in droves. Its status as a hot spot to live has made this Chicago neighborhood one of the most sought after residential areas in which to live.
Tags: Chicago condo company, Chicago Condos, Chicago condos for sale, Chicago Real Estate, condos for sale in Chicago, condos in Chicago, First Time Homebuyers
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Tuesday, September 29th, 2009
Home ownership on any level is wonderful. Nothing gives you a sense of pride like owning your own place and if you live in the Midwest there is nothing quite like Chicago condo properties in which to live. Condo ownership has some very distinct advantages versus a single family home. Let’s say you really hate to mow the lawn, trim and pull weeds, then condo living is where you want to be. Maybe you travel a lot for your job or have hobbies that you want to pursue then, condo real estate is what you need. You love to sit around the pool but can’t afford one. You have few friends and you want to meet new people. You would really like a large home in a gated community with rules and regulations but can’t afford it. Last but not least, there are some great deals in today’s market interest rates are lower than they have been in years. All of these things and more are an excellent reason to buy a condo.
Chicago condo properties have become more and more like their own communities. Today tight knit groups of friends have evolved due to the condo living lifestyle. A close group of friends creates a sense of security knowing you will always have good friends around to help no matter the situation. This sense of community offers frequent social events to take place at the pool or clubhouse which offers many different types of social activities with the total cost spread around rather than paid by a single homeowner.
Condos are king in Chicago when it comes to residential real estate. When it comes time to Chicago condo properties, 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.
There are many Chicago condos for sale in a variety of communities and neighborhoods. Chicago is known for its ethnic groups and communities where 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!
Tags: Chicago condo company, Chicago Condos, Chicago Real Estate, condos for sale in Chicago, Homebuyer tax credit, Real Estate Companies in Chicago, sell a condo
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