Brand new information as of this hour: The $950 Down Payment Program has expanded to include FIVE MORE communities!
Hot on the heels of our recent announcement that you can now buy a condo for $950 down , we’re pleased to announce the program is now available for selected properties in these additional communities:
Naperville
Lyons
Lisle
Geneva
Chicago Ridge
Those new developments join an impressive roster of condos in that are already part of the $950 Down Payment Program in the following areas:
Willowbrook
Grayslake
Worth
Oak Lawn
Palos Hills
That’s now a total of more than 1,000 individual condos at numerous properties in some really outstanding suburban Chicago communities. There’s definitely one out there for you!
It’s easy to understand how the program works.
Put $950 down on a condo of your choice
Close on the condo with developer-provided financing
Immediately apply for one of the government-sponsored tax credits: the First-Time Home Buyer Tax Credit worth up to the $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 tax credit if you’ve already filed your taxes this year.
Apply all the tax credit funds toward paying down the condo, which effectively raises your equity enough to qualify for conventional financing. You then…
…re-finance with our exclusive lending partner, Bank of America, at a great rate.
Now, of course, you need to be eligible for financing and the government-sponsored tax credits in order to take part in this program. That’s perfectly understandable. You’ll work with a representative from Bank of America to check your credit and see if you qualify for financing. Pretty standard stuff. But because this incredible $950 Down Payment Program has expanded, you just have to take that no-cost step to at least inquire. Contact us and we’ll put you in touch with just the right person at Bank of America.
And remember, Bank of America, the exclusive lending partner in this program, is the largest bank holding compny (by assets) in the entire United States. We’ve partnered with an organization with real condo financing power in this tight economy.
If you’re wondering how to get started, here’s all you do: Give us a call, toll-free, at 866-696-2266. Let us know what interests you, in terms of community, type of condo, price range, etc. We’ll answer your questions.
It’s important to be aware of an extremely important deadline: April 30, 2010. That’s not far off at all. That deadline exists because that’s when the government-sponsored tax credits expire. So although the $950 Down Payment Program has expanded, the tax credit expiration deadline looms.
Chicago has over 77 different communities and 210 neighborhoods within its boundaries many of which are of ethnic or racial origin. Bronzeville is one of those neighborhoods located in the Douglas and Grand Boulevard communities on the South Side of the city of Chicago. In the early 20th century, Bronzeville was known as the “Black Metropolis,” one of the nation’s most significant landmarks of African-American urban history. The name itself was first used in 1930 by James J. Gentry, a local theater editor for the Chicago Bee. It refers to the brown skin color of African-Americans, who predominated the area and has become common usage since through the decades.
Bronzeville was first settled by African-Americans between 1910 and 1920 during the peak of the “Great Migration” and the population increased dramatically during that time when thousands of African-Americans fled the oppression of the south and emigrated to Chicago in search of jobs. Many famous people are associated with the development of the area including Rube Foster, founder of the Negro National Baseball League, Bessie Coleman, the first African-American woman pilot, Gwendolyn Brooks, famous author and the first African-American recipient of the Pulitzer Prize among others.
Bronzeville is a neighborhood in the midst of a cultural renaissance. Many of the buildings date back to the 1920’s are being restored, preserved and renovated taking their place on historic registries. The allure of open spaces, architectural renovation and a renewed interest in the arts has made Bronzeville an interesting area in which to live. Current real estate rehabilitation are changing the face of Bronzeville’s residential areas. Large expanses of land are opening up to development since the razing of the Robert Taylor projects providing fresh new developments for new condominiumsand the rehabilitation of brownstones, ornate Victorians and stately townhomes.
Condos in Bronzeville start in the low $100,000’s and can go as high as $1,000,000 depending on the space and location. The available properties in Bronzeville include vintage brick flats, new construction and rehabbed townhomes with many units with luxury amenities and upgrades. Many sought after addresses such as King Drive are lined with properties that easily surpass the million dollar price tag.
Bronzeville is unique part of Chicago with a history all its own. The renewed interests in the arts and the proximity to many of the cultural and business areas of Chicago has made the area a much sought after neighborhood in which to live.
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.
As the Real Estate market continues to decline, many people are wondering, what is the market going to look like in 2010? In terms of a full market recovery, this is highly unlikely during 2010. In order to fully understand where the world sits in terms of position, it is important to understand the issues related to the lead up to the world real estate market downtown. How these issues have affected the market will help in understanding the next year’s strategies most suitable for optimum returns.
The first important issue is the mortgage market. The mortgage market is hugely responsible for the downturn of the economy. The lack of control in this sector resulted in many borrowers defaulting on their loans. Many borrowers that took out a loan should have never qualified in the first place. The government has responded to this issue by reducing interest rates and having stricter control over credit checks.
Supply and demand is a movement that has also affected the real estate market. Many builders had too high of inventory. They kept building, in hopes of selling and what happened instead was a large amount of inventory just sitting on the market. In order to combat this, construction companies are slowing down on the construction of new homes to help bridge the supply and demand gap.
2010 will continue to be a buyer’s market, where those who are in a position to buy will still receive great bargains. Investors are taking advantage of this and purchasing for long term investments. This will in turn help shape up the economy. Purchasers and investors need to understand that if you are looking to purchase for investment purposes, then plan on staying in the home or holding onto it for a long period of time. Real Estate is no longer a short term investment where one can purchase a home, flip it and then sell it. Understanding this will control who is purchasing and what reason he/she is purchasing.
By gaining more knowledge on these sectors of the real estate market, it is easier to understand not only what needs to be improved but also what action needs to be taken to bring the market back to where it used to be or at least better than the previous years. Changing the real estate market will take many years but the good news is that we are on the upswing of turning this market around!
Existing home sales in the Chicago area skyrocketed 33.3 percent in October 2009 over the same period last year, and year-over-year home sales were positive for the fourth consecutive month, in the Chicagoland Primary Metropolitan Statistical Area (PMSA), which takes in nine counties around Chicago.
In Illinois, the numbers were also very good, with a 24.2 percent increase over the previous year, and existing home sales were up 10.1 percent nationally as well.
In the Chicagoland PMSA, which includes Cook and eight collar counties, 7,286 single-family homes and condominiums sold in October, compared to 5,467 sold in October 2008. The median home sale price for the area was $190,000 in October 2009, down 15.6 percent from $225,000 in October 2008.
In Chicago alone, October totals for sales of single-family homes and condos were up 28.5 percent to 2,012, from 1,566 sold in October 2008. The city’s median home price in October was $215,000, down 18 percent from $262,250 the year before.
“We are seeing increased movement in both the single-family unattached homes, as well as in Chicago’s condo market,” said Genie Birch, president of the Chicago Association of Realtors®. “The first-time homebuyer tax credit has created a great incentive for buyers on the fence who are ready to invest in real estate. We are hopeful that the remainder of 2009 with the expanded and extended credits will continue to positively increase home sales in our market.”
“However,” she added, “continued review of lending policies is also necessary, in order to assist credit-worthy homebuyers in their investments.”
According to the Illinois Association of Realtors®, single-family home and condo sales in October 2009 reached 10,986 statewide, up from 8,846 the year before. The median price of the homes sold was down 7.6 percent from $170,000 in October 2008.
A major factor contributing to increased existing home sales is the $8,000 tax credit for first-time homebuyers, defined as people who have not owned in the past three years. Condos, townhomes and single-family houses are eligible. The tax credit was going to expire on Nov. 30 but industry officials hope the recent extension through April 30, 2010, and the addition of a $6,500 tax credit for existing homeowners, will continue the positive trend, and counteract rising foreclosure and unemployment rates.
“October’s extraordinary sales totals reflect home purchases by many buyers who were sitting on the sidelines of the housing market waiting out the economic downturn as well as more home sellers coming to terms with accurate pricing given the market conditions,” said Mike Onorato, president of the Illinois Association of Realtors®. “The first-time homebuyer tax credit clearly was a motivating factor and an effective market stimulus to reduce inventories and help stabilize prices. The good news is that the credit has been extended through April 2010 and expanded to now include potential move-up buyers.”
Contact OwnACondo.com today for more information about existing home sales, the tax credit, condo financing options and more.
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 attractiveluxury 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.
An extension of the homebuyer tax credit is assured, now that both the Senate and House of Representatives have passed the measure. President Barack Obama is expected to sign the new homebuyer tax creditbill on Friday, Nov. 6.
The Senate’s 98-0 unanimous approval of the measure on Nov. 4, followed by passage in the House on Thursday by a 403-12 vote the following day, is an indication of how popular the program is. It is attached to a bill that will also give 20 weeks of extra unemployment insurance to people who have been jobless since last year.
Only first-time homebuyers were eligible to benefit from the original tax credit, which was first offered as part of the Housing and Economic Recovery Act of 2008. At that time, a $7,500 first-time home buyer tax credit was available for those who purchased a home between April 8, 2008, and July 1, 2009. Then, under Obama’s American Recovery and Reinvestment Act of 2009, Congress raised the credit to $8,000 and extended the deadline to Nov. 30.
The extension of the homebuyer tax credit, as stated in House Bill 3548, makes the program available to many current homeowners as well as first-time home buyers. First-time buyers (or anyone who hasn’t owned a home in the past three years) would still be able to get the $8,000 credit, and current qualified homeowners could get a tax credit of up to $6,500. The lesser amount would be available to homebuyers who have been in their current residence for a consecutive five-year period in the past eight years. To qualify for the tax credit, participants must meet certain income limits and would have to sign a purchase agreement by April 30, 2010, and close by June 30.
Under the new bill, intended to help spur activity in the slumping real estate market in Chicago and elsewhere, qualifying income levels have been raised to $125,000 for single taxpayers and $250,000 for joint taxpayers, from the current $75,000 and $150,000.
The maximum purchase price allowed for any house or condo would be $800,000, and only for principal residences, so vacation homes would not qualify.
According to the National Association of Realtors, which has been lobbying for an extension , as many as 400,000 resale transactions (out of 1.2 million homes sold through the program) were completed specifically because of the first-time home buyer tax credit, thereby helping to clear up the glut of available properties. Supporters believe the benefits of extending and expanding the tax credit will outweigh the cost, which could amount to as much as $10.8 billion in lost taxes.
According to U.S. Treasury statistics released in October, about $8.5 billion in refunds have already been claimed for new and resale homes. Provisions to curb fraud were added to the extension of the homebuyer tax credit after the Internal Revenue Service identified 167 suspected criminal schemes and began examining more than 100,000 potential civil violations of the program.
After months of planning, all the details are coming together for OwnACondo.com’s first Chicago real estate auction, which is being held from 11 a.m. to 2 p.m. Sunday, Nov. 8, at the Chicago Marriott Oakbrook hotel, 1401 W. 22nd St.
The well-advertised real estate auction, the first of many that Oak Brook-based OwnACondo.com is planning in the coming year, is shaping up to be quite an event. Hundreds of spectators and prospective buyers are expected to gather as at least 22 Chicago-area properties of all types go under the gavel of Illinois state champion auctioneer Vinnie Zaffarano. Properties going up for sale will include condos located everywhere from Alsip to Wheeling; vacant residential lots in Palos Park and Orland Park; luxury single-family homes in Oakbrook Terrace; and condos and townhomes all over Chicago.
Developers, individual owners and banks are making use of the Chicago real estate auction to sell their properties at fair-market prices. Pre-qualified buyers can look forward to the opportunity to get deals on some great properties. Both buyers and sellers benefit from the auction method because sales can be completed in a much shorter space of time, usually 30 to 45 days. Several open houses are held prior to the auction so people can see and inspect the properties that interest them.
Buyers who come prepared and have their home financingin place are guaranteed to get clear title to a property, and motivated sellers get to expose their property to the most prospective buyers with the least amount of hassle. Additionally, if the deal is completed by Nov. 30, first-time buyers can take advantage of the $8,000 federal homebuyer tax credit that was created as part of the President Obama’s stimulus package. Congress is considering extending the popular program, but so far, has not done so.
OwnACondo.com has taken care of all the advertising and marketing of the auction, so owners just can sit back and wait for the offers to come in. Unlike the traditional method of selling real estate, all the offers are made publicly, so there is no need for the time-consuming, wait and see process of making and offers and counter-offers.
Admission to the Chicago real estate auction is free, and everyone is welcome to just stop by for a cup of coffee and see how the auction process works. Serious bidders need to register but casual observers can just watch, and need not worry about mistakenly bidding on a property, which is a common misconception.
How many Chicago condos downtown are there? Downtown condos are incredible to live in. They’re hot, fast and fancy. They’re sheik, trendy and fashionable. Oh, to live in a Chicago condo downtown.
Chicago condos downtown are some of the most expensive real estate in all of Chicago. Did you know that you can buy a downtown Chicago condo that actually costs more than five million dollars? Yes, that’s right. That doesn’t mean everything costs that high, but boy are there some beautiful penthouse condos in the heart of the Loop!
The skyscrapers can be seen from miles away. The condos stretch into the sky, almost as if they’re part of the clouds above. The endless look of glass streaming upwards into the heavens. It’s beautiful and gargantuan. How can I afford one of these precious Chicago downtown condominiums? This may be one of the best and opportunistic times to buy a condominium sitting on the shores of Lake Michigan in the history of condominium real estate.
2007 & 2008 will go down as one of the great depressions of all of mankind. There have been more foreclosed real estate in the past two years than ten years combined. Who is going to buy all those foreclosed condos? There is so much real estate today being sold at auctions and reo bank portfolio’s that you can now pick up a bargain of a lifetime. How do you do that? Contact your local real estate condo expert. They have numerous lists of downtown condominiums that are being auctioned off at forty and fifty cents on a dollar. If you’re serious about making a move, the product is there to be purchased.Â
Chicago condos in the downtown are can range from $200,000 for a small one bedroom condo to over five million for a penthouse unit in some of the flashy and new constructed condominium towers that are now being built. Have you heard of Trump Towers? Heavy, heavy bucks. But, the finest amenities and views, along with a handsome name.
Like watching a commercial when you’re hungry, writing this article makes me want to call me real estate agent today and ask, :how can I buy that Chicago condo downtown?â€
