The banking industry is bracing for a potential rate hike anywhere from 2 to 4 percent during the course of the next 12 to 24 months. That kind of jump will have big-time implications for those looking to finance a luxury Chicago home and anyone else in need of a jumbo loan.

Jumbo loans are loans with an amount greater than the conforming loan limit established by the federal government. This year, the conforming loan limit is $417,000 throughout most of the United States. The threshold is higher in Alaska, Hawaii, Guam and the Virgin Islands.

The onslaught of higher rates could deal a significant blow to those considering a refinance or looking at a high-end Chicago real estate purchase. In fact, some industry experts have suggested this year may represent the best rate opportunity of the next 10 years.

That wouldn’t be the first overstatement from the banking industry in recent years.

But, at the same time, it’s difficult to imagine that jumbo borrowers or homeowners contemplating refinance will find more favorable conditions in 2011 and beyond.

Rates for fixed 30-year jumbo mortgages have hovered in the last few weeks, up recently to 5.82 percent. Jumbo refinances had the same rate, which was up from 5.64 percent the week before.

The rate for a fixed 15-year jumbo was about 5.10 percent, up slightly from the week prior.

If you’ve been weighing the real estate environment before making your Chicago real estate purchase, time is running short.

This post was contributed by Robert Schroell at Mortgage Loan Place. Click here for more information.

Chicago's Aqua building was awarded Skyscraper of the Year for 2009. (Image from flickr/solar wind)

Several Chicago homes for sale are in the Aqua building, from modest studios to a 2,900-square-foot penthouse, and most of these upscale residences feature hardwood floors, stainless steel appliances and a unique balcony created from the “waves” that encircle the building’s exterior. The Aqua’s condominiums start on the 53rd floor and many offer floor-to-ceiling windows that offer views of the surrounding Millennium Park, Lake Michigan, downtown Chicago and the Chicago River.

Holding its own among many Chicago condo buildings that offer supreme features, Aqua is furnished with gardens, gazebos and pools at the base level, along with a running track and fire pit for residents. For those looking for sustainability, Aqua was also celebrated for its green design, which includes energy-efficient lighting and a rainwater collection system.

But Aqua wasn’t the only Chicago real estate building recognized by Emporis. Chicago’s Trump International Hotel & Tower also made the Top 10 list of skyscrapers at No. 5. Another relative newcomer among luxury Chicago homes, Trump Tower’s residential condominiums offer a posh lifestyle backed by the Trump name. Services available to Trump Tower residences range from a white-glove doorman to a dry-cleaning and laundry valet. In the heart of downtown Chicago, Trump tower offers both superior privacy and a slew of activities right around the corner.

To narrow down your search through Chicago homes for sale , or to find a Chicago condo in an award-winning building, contact agent Sheldon Salnick at (312) 264-5853 or ssalnick@rubloff.com.

The assessment cost can greatly affect the resale value and appreciation of your Chicago home, so a reasonable cost is important for you now, as a buyer yourself, as well as down the line when you’re ready to sell. For a high-rise building in a unit with a lot of square footage, assessments over $1500 typically aren’t buyer-friendly.

Combining low assessments with the best finishes money can buy is key, buyers’ want to find things like Viking or Miele appliances, steam showers, heated flooring, Dacor and Wolf appliances. Crown moldings, wainscoting and fireplaces also up the appeal of Chicago homes for sale, both for you as a buyer now, and for the buyer when your home is ready for resale.

Here 13 current listings that offer low assessment fees without compromising upscale features:

2700 block of Midred Ave.
List price: $839,000
This 4 bedroom, 2.5 bath new construction boasts large rooms, a steam shower, heated floor and garage parking with a monthly assessment of $250.

1000 block of W Webster
List price: $849,000
An 1800-square-foot luxury 4-bedroom in Lincoln Park with natural stone baths, heated flooring, a private rooftop deck and more has an assessment of $300.

2400 block of N Racine
List price: $849,900
A luxurious 3,000 square feet of space creates a floor plan more than 30 feet wide, with brick construction, subzero appliances, marble baths, crown molding and wainscoting, all with an assessment of $205 monthly.

2600 block of Southport Ave.
List price: $869,000
With a monthly assessment of $227, this Lincoln Park 4 bedroom spans 2800 square feet on a wide lot with Dacor and Bosch stainless steel appliances, granite counters, marble baths, two fireplaces and garage parking.

2700 block of N Kenmore
List price: $875,000
This 2800 square foot Lincoln Park new construction has 10-foot ceilings, the finest detailed finishes, a pro kitchen with Wolf, Subzero and Miele appliances and a monthly assessment of $285.

1600 block of N Mohawk St.
List price: $899,000
An exquisite penthouse property with an assessment of $194, this 3-bedroom Chicago home includes luxury finishes, custom lighting, and a private roof deck in a boutique building in the Lincoln School district.

2000 block of N Sheffield
List price: $899,000
In the heart of Lincoln Park, this 3-bedroom is in a brick and limestone new construction building with concrete soundproofing between floors, oak flooring, natural stone baths and a custom kitchen. The assessment fee is $282 monthly.

300 block of W Webster
List price$899,000
With a monthly assessment of $300, this contemporary Chicago home offers more than1900 square feet with three bedrooms, a gourmet kitchen with Bosch appliances, a Juliette balcony, 11-foot ceilings, and mahogany floors near Frances Parker School.

1800 block of N Mohawk St
List price: $899,900
This rare find has a monthly assessment of just $186, with 2600 square feet of custom-built luxury, including open floor plans, 25-foot cathedral ceilings, a skyline view and a 300-bottle wine cellar.

2700 block of N Kenmore
List price: $909,900
Seated on an extra deep lot, this 4-bedroom duplex spans 2800 square feet with four parking spaces, a cook’s kitchen with Viking appliances, 2 fireplaces, full-home audio wiring and an assessment of $262.

2700 block of N Pine Grove
List price: $1,099,000
A 3 bedroom with a generous 3400 square feet, this Lincoln Park penthouse has an assessment of just $356 for a Subzero kitchen, 22-foot ceilings, two master suites, 2-car garage parking and much more.

1800 block of N Orleans
List price: $995,000
A historic boutique building with 2100 square feet, this Chicago condo lists a master quite with fireplace, 3 bedrooms with an office, stained glass windows, a gourmet kitchen with granite and stainless steel and an attached garage with an assessment of $339.

2100 block of N Halsted
List price: $1,195,000
With a low assessment cost of $200, this 3-bedroom as 30-foot wide interiors in an intimate boutique condominium building with a private roof deck and garden, spectacular city views and two levels of living space.

If you’re interested in any of these properties or want to find an upscale Chicago home without the added expense of high assessments, contact agent Sheldon Salnick at (312) 264-5853 or by email at ssalnick@rubloff.com.

Chicago's next luxury building, Lincoln Park 2520.

For those who have been on the fence to purchase a new downtown Chicago condo, now may be the ideal time. While several buildings downtown are still being built, new construction downtown projects in Chicago have slowed down considerably, and not much is in the window for the foreseeable future.

According to an article in last week’s Chicago Tribune, Chicago condo sales in 2009 were so dismal that no condo developments are scheduled to become available beyond 2011. Within two years, those looking to buy a condo will only be able to shop Chicago condos up for resale. The decrease in supply could also mean that condo owners can expect to see an up tick in their resale value, remember they’ve seen decline in the past two years.

Securing a Chicago new construction condo isn’t yet impossible. Two buildings slated for 2011 are Lincoln Park 2520 and the Ritz-Carlton Residences on Michigan Avenue.

Lincoln Park 2520 will be a 39-story luxury building overlooking Lincoln Park’s North Pond and offering sweeping views of Lake Michigan. Along with spacious floor plans for the individual units, Lincoln Park 2520 will offer its residents concierge services, a gym, and a private theatre.

The 88-unit Ritz-Carlton Residences offer luxury one-bedroom condominiums up to 6,500-square-foot penthouses, all with the most superior architecture and design. A wine cellar, board room and state-of-the-art spa and health club are just a few of the amenities in the Ritz-Carlton Residences.

If you’re itching to get into a new Chicago condo now, there are also several options for you to take advantage of this time to buy. Luxury residences available now include those in the Trump Tower, which puts you in the heart of downtown Chicago but with the ultimate privacy in one of the buildings 468 units.

The Elysian boasts comfortable luxury living in the Gold Coast with world-class service. From in-room dining to the building’s spa and health club, the Elysian promises its residents the finest amenities, down to the smallest detail.

Another option is a one, two, or three-bedroom condo at The Residences at 900 Michigan Ave. Within the building, you’ll find premier shopping as well as a fitness center, and each residence beautiful design, spectacular city views, and top technologies to control your home.

Finally, a new luxury building at 50 East Chestnut puts you in the heart of the Gold Coast with the exclusivity you’ll only find here: with 34 full-floor residences, each resident has the ultimate privacy for Chicago real estate, not to mention a coveted location with exquisite building amenities.

If you’d like to get into a Chicago condo while they are still available, contact agent Sheldon Salnick at (312) 264-5853 or by email at ssalnick@rubloff.com.

That’s just another reason why Chicago offers so much more than New York and other big cities like Los Angeles, San Francisco and Washington, D.C. It’s simply an easier way of life. Chicago real estate costs a fraction of what it would in other urban areas. The cost of an average NYC apartment or condo will get you a Chicago home with square footage and building amenities in the city’s most coveted neighborhoods. You can find a Chicago home that puts you in on a quiet, tree-lined street, but also just a skip away from a bustling downtown. Or if you want a Chicago home or Chicago condo right in the middle of downtown, you don’t have to be rich to have it. It is everything New York has to offer, on a smaller, more accessible scale.

Not to mention that Chicago isn’t as frantic. Parts of the city offer the go-go-go energy of Manhattan, but many parts offer a chance to take a deep breath and take in the city around you. It is a beautiful city, there is much to do, and it’s clean (I’ve always been grateful for Chicago alleyways to house Dumpsters instead of seeing garbage on the streets!)

I know New Yorkers are as loyal to their city as I am to Chicago, but I truly stand by Chicago as the top choice for city living. Chicago real estate presents so much more in terms of space, value and luxury. You can be in the heart of it all and be wined and dined without the obscene cost. Plus, Chicago new construction continues to top itself with new buildings that offer premier locations, top-rated staffs and amenities, renowned architecture and more for a cost that still lets you live a comfortable lifestyle.

If you’re looking for a Chicago home or want to learn more about the value of luxury Chicago real estate, contact agent Sheldon Salnick at (312) 264-5853 or by email at ssalnick@rubloff.com.

For families with children, a Chicago home is a great fit. The hustle and bustle and big-city vibe may not be indicative of family-friendly living, but Chicago has an enormous amount to offer the little ones. Here are just a few:

Big city, small hoods: Neighborhoods like Lincoln Park and Lakeview are large in size, but have many tight-knit communities within them. It’s a great way for parents to meet other families, help children make friends and to build a network of neighbors that adds safety and security to your Chicago home. In addition, many of these neighborhoods are close to downtown but still maintain the feeling of a suburban neighborhood.

Affordable living: Parent who need to work in a metropolitan area often have to pay the cost. But Chicago real estate is remarkably more affordable than other major cities like New York, San Francisco and Washington, D.C. A family can live in much more space in a Chicago home or Chicago condo for the price they would pay for the same square footage in New York City. If Chicago parents are accustomed to luxury living, Chicago offers many family-friendly buildings that don’t compromise prestigious living for a family home.

Abundant attractions: There’s theater, museums, zoos, big-league and small-league sporting events and much more to keep a family occupied on the weekends. Plus, a Chicago home in one of the city’s denser neighborhoods will put plenty of kid-friendly (but still adult-interesting) leisure activities right outside your door.

Walker friendly: On a sunny day, you’ll pass many other stroller-pushers through the neighborhood of your Chicago home. Most Chicago neighborhoods are ideal for walkers, not to mention that a “walkable” neighborhood makes many everyday things more convenient, from errand-running to play dates.

Great schools: Several of Chicago’s private schools rank very highly in education and are accessible from Chicago’s family-oriented neighborhoods. Latin School of Chicago is only about a 10-minute drive from Lincoln Park. Parker School is in the heart of Lincoln Park. Several other well-ranked schools in Lakeview, Lincoln Park and other neighborhoods make it easy for busy parents to get their children from here to there.

If you’re family is looking to relocate to a new Chicago home, call agent Sheldon Salnick at (312) 264-5853 or by email at ssalnick@rubloff.com.

Perhaps, but the Illinois Association of Realtors also reported that last year’s demand tipped heavily toward short sale and foreclosed homes. The abundance of foreclosed Chicago homes or Chicago condos may seem like the best way to get a great deal in real estate. But purchasing foreclosures and short sales requires more attentiveness to the buying process, and buyers need experience and expertise at their side if that is the type of real estate purchase they’d like to make. Here are 5 key considerations buyers need to take when looking at a foreclosed home:

1. You must do your due diligence. If it looks too good to be true, it probably is, and buyers need to understand how what appears to be a great value upfront could turn into a financial disaster once you’ve signed the dotted line.

2. You get what you get. Foreclosures are typically sold as-is, and without the same required disclosures that come with a traditional sale. So there is often no way to know every detail of a home or condo, and no recourse if it’s not what you expected.

3. The health of the whole building counts. If you’re looking at a foreclosed Chicago condo, it’s critical to consider the standing of the entire building, not just the unit up for sale. The shape of the building itself, along with the condo association, will play key roles in your purchase and the value of the condo.

4. Be cautious of smaller buildings. If a Chicago condo community is made up of a only a handful of owners, it only takes one failed owner to greatly affect the rest of the building and the health of the condo association.

5. Beware of newer buildings. Chicago new construction is often a very appealing option, but buyers must exercise additional caution when purchasing a unit built in the last five years. With the current market, many new construction condo buildings have less owner-occupied units and are more susceptible to foreclosures—a building with many foreclosures will affect your resale value, no matter how healthy your individual unit is.

Don DeBat summed it up best in a recent column when he said that buying a foreclosure requires expertise and an agent that puts the buyer’s interests first. Without someone to consider all of these less-than-obvious essentials, buyers could find themselves later devastated with their Chicago real estate purchase.

If you’re looking for someone to guide you through the ins and outs of the purchase of a Chicago home or Chicago condo, please contact agent Sheldon Salnick at (312) 264-5853 or by email at ssalnick@rubloff.com.

For one, a Chicago home or Chicago condo is going to be far more affordable than a similar space in New York, Washington, San Francisco or Los Angeles. Even if those empty bedrooms mean you want to upgrade into something a bit more lavish, Chicago real estate offers many options for luxury living at a fraction of the cost of other metro areas. You can buy into the city’s more prestigious buildings with the ultimate services and amenities for about $1,200 per square foot—this compared to the “average” apartment that amount would buy you in New York City.

And with plenty of time to indulge, empty nesters can enjoy some of Chicago’s premier shopping destinations like Louis Vuitton, Hermes, Chanel, Chloe and Barneys, not to mention the Magnificent Mile. Culti, an Italian luxury brand that sells everything from leather slippers to sleek furniture, even recently chose Chicago as the home of it’s first U.S. boutique, right in the heart of Michigan Avenue, which will surely add to the area’s high stature in shopping. A home in Chicago’s Gold Coast will put you within steps of shopping and activities, and many other neighborhoods are dense enough that museums, theatres, music and dining are within walking distance of your front door.

If you’re ready to escape to the great outdoors, a Chicago home near the lakefront will put the beach at your fingertips, whether it’s to get some sun or to have an evening stroll through the sand. I recently saw this quote from fashion designer Michael Kors that sums up the value of Chicago real estate quite well: “Chicago is the perfect city for me. I’m a beach bum and a city boy, and where else could I walk to my store on a glamorous urban street, then change into board shorts and head to Oak Street Beach?”

Another thing that sets Chicago real estate apart from other major cities is that if you’re an empty nester looking for space, you can find it. In fact, you can purchase an entire floor within the brand new 50 E. Chestnut building, which offers supreme luxury living with only one unit on each floor. Where else can one buyer find 3,904 square feet of real estate all to themselves? Such a space runs about $2.8 million, plus this Chicago new construction building promises floor-to-ceiling windows, stone finishes and private terraces among the 34 units.

Chicago has much to offer, whatever your lifestyle may be changing to. To find out more, please contact agent Sheldon Salnick at (312) 264-5853 or by email at ssalnick@rubloff.com.

Young professionals have much to choose from when looking for a Chicago home to fit their lifestyle. For those looking to build their careers, enjoy nearby nightlife, and meet other like-minded professionals, Chicago neighborhoods like Lakeview, Lincoln Park, Gold Coast, River North, and Bucktown/Wicker Park (among others) are a great place to start. Here are a few other reasons a young professional might be drawn to Chicago:

Communities: Whether you’re into art, nightlife, the beach, shopping or dining, there is a neighborhood for you—and many include all of the above within walking distance of your front door. In fact, Chicago real estate often even retains its value in these neighborhoods because of the accessibility to everything nearby. If you love architecture, Gold Coast will leave you enamored with its buildings; if you love running along the beachfront, a Lakeview home could put you right there. With so much to do, it’s also easy to meet others with the same interests and build your own network in your community.

Cost of living: A Chicago condo can offer a luxury lifestyle and plenty of space for a young professional without swallowing most of your income. Chicago real estate provides all the glamour, convenience and luxury of big-city living at a fraction of what it would cost in New York, San Francisco, D.C. or Los Angeles. Even Chicago’s finest luxury new construction homes cost less per square foot than the average apartment in Manhattan.

Proximity to downtown: The neighborhoods that draw many young professionals also put them close to downtown, either by car or Chicago’s transportation system. A short commute means more time to enjoy an after-work happy hour with your colleagues or play on the company softball team. A Chicago home that puts you downtown in just a few minutes means you have plenty of time to work hard and play hard.

Private clubs: Chicago offers a number of private clubs for anyone looking to share fine dining, business conversation, or to simply have a place to get away from it all. The cost to join these clubs varies, but many offer tremendous amenities and opportunities to associate with some of Chicago’s top business professionals.

Networking opportunities: If private clubs aren’t your thing, in Chicago you can likely find a group for just about anything you’re interested in. Young professionals networks, dog groups, book clubs, recreational sports teams are just a few of interests that have grouped like-minded folks together.

If you’d like to learn more about how young professionals can take advantage of everything a Chicago home has to offer, contact agent Sheldon Salnick at (312) 264-5853 or by email at ssalnick@rubloff.com.

Chicago's luxury buildings offer concierge services and amenities for your every want and need.

Chicagoans aren’t the only ones taking note of all the city has to offer. Chicago real estate developers are creating even more options in luxury living for those looking for the best amenities and services a big-city residential building can offer. Chicago currently has several buildings that cater to your every need, from treating its residents to the finest wines, to welcoming guests, to setting up events and meetings or getting dinner delivered to your door at 2 a.m. The concierge services in these buildings can indulge most any resident’s wants and desires.

In addition to tremendous services, the staff at these buildings knows how to assist anyone from a Fortune 500 CEO to a Hollywood celebrity to world leaders. They are skilled in dealing with any situation and to handle and respect the privacy of their upscale residents.

These 7 buildings offer the most prestige among Chicago real estate:

Trump Tower: One of the newer examples of luxury among Chicago homes, Trump Tower’s residential condominiums offer a posh lifestyle backed by the Trump name. With services from a white-glove doorman to a dry-cleaning and laundry valet, Trump Tower is a prime location for those ready to be wined and dined right in their own home. Nestled right in downtown Chicago, the building offers both superior privacy and a slew of activity just a few steps away.

Ritz Carlton: Scheduled to be completed in mid-2011, Michigan Avenue’s much buzzed-about Ritz Carlton is expected to be a prominent collection of prominent Chicago condos. The name Ritz Carlton alone ensures that the services will be first-class, much like a private club. This building was so anticipated that one-bedroom units have already sold out, and one has even resold for $100,000 more than the original sale.

The Palmolive: With about 100 luxury Chicago condos inside, this landmark building delivers a panache like no other. The building’s staff ensures services are at your beck and call, and have a keen sensibility and sense of privacy surrounding its residents, as a number of famous people call the Palmolive Building home. The building’s elegance is apparent inside and out, and considered to be one of the finest examples of art deco architecture in the world.

Elysian: This experience in Gold Coast luxury just opened, bringing grand residential Chicago condos paired with fine dining, upscale shopping and the building’s own 14,000 square foot health club and spa. Elysian also combines superior concierge services with the comfort you seek in a home. A simple drive up to the doors of Chicago real estate’s new addition will take you to another world.

800 Michigan Ave.: These North Side Chicago condos are virtually connected to the Park Hyatt Hotel below, allowing residents to take full advantage of all the hotel services. Also part of the Park Hyatt is NoMI, a world-class French restaurant considered to be one of city’s most chic. Valet parking, supreme security features and a world-renowned spa and just a few of the amenities that 800 Michigan Avenue has to offer.

Ten East Delaware: In the heart of Gold Coast, 121 luxury Chicago condos are currently being built to boast classic architecture, coveted interiors and a scores of private amenities and services. The building will offer a residents-only private club, geared to remove you from everyday life and provide unassailable views of Chicago’s skyline. Residents can also take advantage of all the hotel services offered by the neighboring Talbott Hotel.

2520 Lincoln Park: Slated to be the most elegant and prestigious place to live in Lincoln Park, this building will offer spectacular views that rival those of New York’s Central Park. Down to the smallest details, residents’ needs and wants will be answered by 2520’s unmatched amenities and services. If you think a Chicago condo won’t offer enough space for a family, 2520 is a building offering sprawling square footage, as well as a location directly across from Lincoln Park. Lincoln Park 2520 is also a short drive to two of the cities best private schools, Latin and Parker.

If you’d like to find yourself settling into the life of luxury that Chicago offers, contact Chicago real estate agent Sheldon Salnick at (312) 264-5853 or ssalnick@rubloff.com.