Chicago Real Estate, Chicago Condos, Lakeview & Lincoln Park Condos in Chicago

A blog about Chicago Real Estate market.

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Staying Conscious of the Current Market: Buying a Chicago Home

July 2nd, 2009 · Housing economy, Residential

Despite recent depreciation of Chicago home values and recession-induced foreclosures, new data shows that the housing market is looking up. While many individuals continue to struggle with mortgage rates and payments, efforts from the loan industry combined with recent market figures indicate a not-so distant light at the end of the tunnel.

The market, which bottomed out this past March, has taken an upward turn with the emergence of more confident and optimistic buyers. Because many individuals have been able to receive helpful loans, their perspective on home-buying has also changed for the better. This increased sense of positivity, though intangible, is a definite way to increase morale, and thus interest in Chicago real estate.

Being in a buyers’ market can entail a variety of options and setbacks. Primarily, though, it indicates the need to be absolutely sure of your ability to keep-up with payments and other related expenses. Because Chicago homes are already much more affordable than those in major coastal cities, affordability in top neighborhoods such as Lincoln Park and the Gold Coast is less severe than it would be in coincident areas in New York or California.

According to MSNBC, an 18.1 percent decline in the Case-Schiller index of 20 major cities (calculated in April) marked the third consecutive month for which the index wasn’t at a record low. Although this trend may seem initially like the lesser of two evils, it also has great potential to move us out of the real-estate slump. Loan-success projections for the remainder of 2009 may be questionable at this point, however the market is still hoping that exceptionally low home prices will help to curb foreclosure rates.

In addition, buying a foreclosed home is a definite option for prospective buyers. These homes are especially appealing to new families looking to get more square-footage for their money, first-time buyers, and existing homeowners looking to score a second property. Although the persistent woes of the housing market are far from resolved, the general consensus suggests the situation is definitely improving.

Economist Patrick Newport comments on this philosophy. “Prices are still dropping. They’re just no longer in freefall,” Newport said. The most significant aspect of this idea is quite simple – direction. Sure, home values are still less-than spectacular, but the bright side of the matter rests in the growing assurance that we no longer exist in a state of chaos.Regardless of the situation, prospective buyers should be anything but frightened.

For more information on finding an amazing Chicago condo in the current market, don’t hesitate to contact Chicago real estate agent Sheldon Salnick at (312) 264-5853 or info@sheldonchicago.com.

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How to Get a Chicago Real Estate Deal

July 2nd, 2009 · Housing economy, New Construction, Residential, Uncategorized

Since the real estate market downturn, pundits and real estate agents alike have been encouraging buyers who are able to buy real estate right now. However, getting the best deal in the current economic environment requires a plan, otherwise you may not be able to maximize your negotiation potential. To negotiate the best possible deal when purchasing a piece of Chicago real estate, I suggest you follow this strategy:

  1. Get pre-approved (in writing) for a mortgage prior to looking for a property.
  2. Buying a home worth $500,000 or below: Put a down payment of 20 percent or more on the property. This puts you in very strong negotiating position.
  3. Buying a home worth $600,000 or above: state in the contract that you will put down a 25 to 30 percent down payment and will close in 30 days. This certainly will perk up the seller’s interest and you might be able to negotiate a better price.
  4. Buy a luxury property that needs work, in addition to the 25  to 30 percent down payment. And if you close fast you are bound to get a deal that hasn’t been around in the last two to three years.
  5. Remember that cash is king in this economic climate. If you are fortunate enough to be in this position and close in 10 to 15 days you will be surprised how fast sellers are willing to come around to your bottom line price.

If you consider these tips when purchasing a luxury Chicago home or Chicago condo, you will be pleased with the results.

For more information on how to negotiate and get a deal, please contact real estate agent Sheldon Salnick at (312) 264-5853 or info@sheldonchicago.com.

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Make Sure the Porch is Solid Before Purchasing a Chicago Home

July 1st, 2009 · Entertainment, New Construction, Residential, Uncategorized

Monday marked the sixth anniversary of a Lincoln Park porch collapse that killed 13 people and injured more than 50 others. While an excessive amount of people (100) were congregated on the porch the night of June 29, 2003, a city investigation revealed that the third-story porch at 713 W. Wrightwood Avenue had not been constructed properly. The porch jutted out too far past the building and was also too large. Shortly after the crash, inspectors across the city cited roughly 1, 200 landlords for their own dangerous porches.

While this faulty porch ended in tragedy, there are plenty of precautions you can take to ensure your Chicago home is up to standards and safe. This is also something to keep in mind as out when checking out Chicago homes for sale. You should always get a trusted inspector to look at your porch for wear and damage. A porch may seem sturdy, put as pointed out above, its dimensions may be off. This is particularly important if the property has been vacant for some time. If you prefer to do a general inspection prior to hiring a profession, which is recommended, look for split or rotting wood, water damage, missing or rusting hardware, shaky beams and railings.

Chicago homeowners should note that you are required by law to maintain your porch or deck. So if you notice any of the criteria above, contact a professional immediately. If you’re interested in getting a porch built for your Chicago home, pre-approved designs are available on the City of Chicago’s Web site. Or, if you are working with a designer, make sure he/she comes with references and can give you past examples of work.

One thing homeowners and potential homeowners should remember is this: porches should not be used as gathering places. The Lincoln Park porch that collapsed was holding 100 people at the time, and it was only made to hold 25. So find out the maximum capacity for your porch and stick to it. Your safety is more important than any party.

If you are interested in having a porch inspected, please contact real estate agent Sheldon Salnick at (312) 264-5853 or info@sheldonchicago.com for inspector/contractor recommendations. And remember, never purchase a piece of Chicago real estate without having it looked at by a trusted professional.

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Chicago Condos For Sale: High End Luxury at Midwest Price Points

June 29th, 2009 · Housing economy, Investors, Relocation, Residential

It’s a simple fact – in the Chicago real estate market, you’ll get much more for your money than you will in New York or California.  If you are looking for a first home (now is great time to buy, considering the tax incentives), upgrading to your dream home, or purchasing a second property, consider making Chicago your destination.

Moreover, now is the time to get a great deal on a Chicago condo. Almost every neighborhood in Chicago has a different feel – there are renovated industrial lofts in Wicker Park, townhomes in the North Side neighborhoods that keep your close to all the action of downtown but maintain that neighborhood feel, or stunning high rises in the Loop designed by world class architects

In addition, Chicago icons such as Barack Obama, Oprah, Vince Vaughn, Michael Jordan, and Kanye West all call Chicago home. Each one would be sure to say that Chicago is one of the best cities in the world. The summers are filled with special events and festivals, and you can enjoy great restaurants, shopping, museums, and parks all year round.

Of course, another reason to move to Chicago from the coasts is that you can live in luxury at affordable prices, making it an ideal place to raise a family or invest in a second home. Enjoy roomy floor plans designed with spacious bedrooms with lots of closet space, top of the line kitchens, and huge windows with gorgeous views or the city or lake.  Many condo buildings also offer rooftop decks, allowing you to relax in style high above the city streets, as well as amenities convenience stores, valet parking, dry cleaning services, car services, fitness centers and spas.

To explore your Chicago real estate options, call or email Chicago real estate Sheldon Salnick.

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Purchasing Chicago Real Estate: Due Diligence is Essential

June 29th, 2009 · Housing economy, Residential, Uncategorized

If the current economic crisis has taught us anything, it’s to be mindful of our financial decisions and to examine every aspect of a deal before jumping in feet first. Americans all over the nation have found themselves in difficult situations, just because they failed to weigh their options.

The Wall Street recently reported that condo boards are having a difficult time collecting unpaid association dues when tenants default on their home loans. Some associations have even resorted to “foreclosures on units already seized by banks” because they have a lien on the property. And others are temporarily renting out condos until the foreclosure goes through so they can collect the dues, which are needed for utility and maintenance costs.

Condo boards say banks have been stalling on foreclosures to keep from paying dues. However, banks say they are getting pressure from both sides: associations who want speedy foreclosures and politicians who want slow foreclosures so firms can work to modify loans.

Condo With Question Mark

Whatever the reason, these situations should be a reminder that it’s important to look beyond price when looking for a Chicago condo. Before the contract is finalized, due diligence is required. It’s not a good idea to buy a Chicago condo just because it’s cheap, particularly in this unusual economic climate. Below are some guidelines to keep in mind as you are looking for Chicago real estate. It may seem time consuming, but you don’t want to end up in a building with utilities that cannot be maintained due to a lack of funding.

1) Check to see if the building has a five-year plan.
2) Personally review the board meeting’s minutes from the last 6 months to a year.
3) Identify at least three similar buildings, and create a spreadsheet to determine if you are overpaying for the real estate. Your spreadsheet should contain criteria such as square footage, the building’s age and condition, views, and floor location.
4) Does the building have an outstanding loan or line of credit?
5) What is the volume of foreclosures in the building, if any?
6) Are there any residents who have not paid their condo association dues? And what is the total outstanding amount?
7) Are there any new government regulations that may impact the building’s capital resources in the next 5 to 10 years?

If you need help answering some of these questions, or want to understand more about Chicago homes for sale, please contact Chicago real estate agent Sheldon Salnick at (312) 264-5853 or info@sheldonchicago.com.

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Find Your Dream Home In Chicago: Chicago Homes For Sale

June 25th, 2009 · LEED Certification Buildings, New Construction, Relocation, Residential

Planning on moving to the windy city or upgrading to a new Chicago home?  There’s something for everyone in this wonderful city, from modern new construction to classic vintage buildings steeped in history.

If you want something ultra contemporary, Chicago is home to many new construction developments and single family homes designed by world class architects.  In addition, many of these homes are LEED-certified, ensuring that your real estate investment is an investment in the future of the environment as well. Despite the economy, Chicago new construction is still on the rise and by working with a Chicago real estate agent, you can get a great deal on a condo in all parts of the city. What is great about these condos are the spacious floor plans and luxury amenities – you can live the good life and feel like you are on vacation every day by coming home to a gorgeous condo with breathtaking views of the city. Most of these condos come with special features like rooftop decks with pools, fitness centers, dry cleaning, conveniences store, theater rooms, valet parking, and more.

Chicago is also home to beautiful century-old Victorian homes that have been newly renovated, allowing you to live in comfort and luxury while maintaining that traditional elegance.  The Gold Coast and Uptown neighborhoods are full of vintage Chicago properties, so be sure to check them out if you’re interested in these types of homes.

So whether you are looking to purchase a new home that is over a hundred years old or a newly built Chicago condo,  you’ll be able to find the perfect home in the Windy City.  Ready to find your dream home?  Call or email Chicago real estate agent Sheldon Salnick today!

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Make the Magnificent Mile Your Home: Chicago Real Estate for Sale at the Ritz Carlton

June 23rd, 2009 · New Construction, Residential, Uncategorized

Located at the corner of North Michigan Avenue and Erie Street, the Ritz Carlton Residences offers amenities like no other piece of Chicago real estate. Be one of 88 exclusive Chicago homeowners to live in this exquisite building that pays tribute to the past as well as the future.

The 40-story structure, which was designed by the architect Lucien Lagrange, will incorporate the facade from Chicago’s historic Farwell Building, a French-inspired Art Deco structure.

According to Chicago magazine, the interior, designed by Darcy Bonner, “will feature large windows and wide-plank floors, as well as such modern features such as a portable control panel for the audio and security systems. On the tenth floor—the ‘club level,’ staffed by a crew of 12—residents will be able to enjoy a common screening room, the grand salon, a fitness center, a spa, a dining room, wine storage, and other amenities.”

Floorplans include one, two and three-bedroom apartments, as well as penthouses. The Ritz-Carlton also maintains a private entrance—a rare find in most urban buildings—for the celebrity, or well-known, Chicago homeowner.

For a limited time, residents will have access to specific benefits through the Ritz-Carlton Hotel, LLC, which include free hotel stays around the globe and more.

Construction should be completed by Fall 2010, but don’t wait to get a slice of this Chicago real estate. With such luxury, and a limited amount of units, these residences are going fast.

To set up a private tour contact Chicago real estate agent Sheldon Salnick at (312) 264-5853 or info@sheldonchicago.com.

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Stylish Chicago Lofts: Five Reasons to buy a Loft in Chicago

June 17th, 2009 · New Construction, Outdoors, Residential

Buying a loft in Chicago can be a great investment, and there are several aspects of living in a loft that set them apart from regular Chicago condos.  Furthermore, in these economic times, you will have your pick of lofts in Chicago’s hip neighborhoods, including the West Loop, Bucktown, and the River North areas of the city. Here are five reasons why a loft can be a great choice to make when you purchase Chicago real estate.

Space: If you currently live in a small apartment, it can be easy to feel cramped in your Chicago home. Lofts give you the opportunity to live in a wide open space, and depending on your style you can choice hard or soft lofts. Hard lofts are typically more spacious and not as closed off, and they usually have exposed elements such as wood beams and piping. Soft lofts are still spacious but have more defined living areas, and the pipes and beams are concealed.

Architecture: Living in a loft means your home has unique architectural character. Lofts are often located in renovated industrial or historic buildings, giving your Chicago loft an edgy, urban feel.  Another great benefit is also the huge floor to ceilings windows that let in plenty of light and offer fantastic views.  A luxury Chicago loft will also have high end appliances and upscale finishing touches, like granite countertops and hardwood floors.

Outdoor Living: Many Chicago lofts feature balconies or other outdoor living space that allows you views of the city to cook outdoors or simply relax and enjoy the beautiful weather. Some lofts even have their own private rooftop decks!

Furniture: Lofts hold many decorating possibilities because they have so much flexible space. There are many websites or stores that specialize in loft style furniture whether you are looking for that modern look or softer traditional look.

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Out of Town? Hire a Caretaker For Your Chicago Home

June 17th, 2009 · Residential

Does your global schedule keep you from spending time in the Windy City? Don’t let trips abroad prevent you from owning a Chicago home or Chicago condo. Get a property caretaker to look after your home when you’re away, and you’ll never have to give up your Second City digs.

Many industries have been affected by the economic crisis, but the property caretaking industry is doing just fine. According to the New York Times, right now “housesitting” is booming. In fact, subscriptions to The Caretaker Gazette, a Web site that matches home owners with caretakers, has nearly 11,000 paid subscribers, which is up more than 10 percent from the last two years.

This idea is perfect for anyone who loves Chicago, but can’t be here all the time. Or, for anyone who only loves Chicago in the summers. Either way, caretaking is a win-win situation for all parties involved. Home owners can rest assured their abode is being properly maintained while they’re away, and housesitters get the excitement of living in an new and fascinating place in one of the world’s best cities. Most caretakers are willing to travel and have a knowledge of household maintenance.

Home owners have been known to pay their caretaker a mid-five-figure salary, but living in a beautiful luxury Chicago home (rent free) is also a major perk. When looking for a property caretaker, be sure they come with references. As the New York Times article pointed out, you don’t want a “party animal” living in your house.

If the idea of property caretaking gave you a new perspective on luxury Chicago real estate contact agent Sheldon Salnick to find out about Chicago homes for sale. (312) 264-5853 or info@sheldonchicago.com.

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A Recovering Market: Index of Pending Homes Sales Rose in April

June 16th, 2009 · Housing economy

If you’re in the market for a luxury Chicago home, then strike while the iron is hot. Although the economy is still in recession, recent indicators have signaled a bottoming out of the real estate market.

Just last week, 30-year fixed mortgages jumped 0.30 point to 5.59 percent. And, The National Association of Realtors stated this month that the index of pending home sales rose 6.7 percent in April, an increase for the third consecutive month.

According to the Wall Street Journal, the index, which tracks the number of homes under signed contracts, is back to its September 2008 levels before the housing meltdown last fall. This increase was significantly larger than the 0.5 percent gain analysts were expecting.

The majority of these signed contracts came out of the Northeast, although pending home sales rose 9.8 percent in the Midwest.

This increase in pending home sales is a another indicator that the market is improving, and we should see an increase in actual home sales within the next one to two months.

But it’s never too late to get in on the real estate action. There are plenty of luxury Chicago homes for sale and  great real estate deals to be had.

To find out more about the Chicago real estate market, or Chicago homes for sale contact real estate agent Sheldon Salnick at (312) 264-5853 or info@sheldonchicago.com.

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