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.

Walkscore.com generates a score of up to 100 for any U.S. address. The site deems much of Chicago a “Walker’s Paradise,” and a few neighborhoods in particular are below:

Lakeview: 97
Gold Coast: 98
Lincoln Park: 95
Bucktown: 85
River North: 98

Having represented more than $200 million in Chicago new construction, I’ve found that the more dense an area—being a stone’s throw from stores, bars, restaurants and entertainment—the more expensive the real estate. A recent article in the New York Times cited a study that found that street corners fare better than suburban areas in terms of real estate value. The study said Chicago homes in particular that had a premium walk score could be worth as much as $30,000 more than a less-walkable suburban home. One example even valued a specific Chicago home at $66,000 more than a comparable suburban home, which had suffered more in 12 months of declining real estate prices.

So not only does a Chicago home or Chicago condo in denser neighborhood put everything right outside your front door, the value of your home could retain itself significantly better than if you bought in a suburban area. When the real estate market was booming, I often suggested to my clients to purchase in an area where there was a large development being built. The development itself would help establish the neighborhood, thus increasing density and resale value for the home. Many of my clients who followed this rationale saw the value of this when it came time to resell their homes.

Considering the current Chicago real estate market, a variable like walkability is something to consider in order to maximize the return on your investment.

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.

• Buying a Chicago Condo? What You Should Know: This post provides a checklist for those looking at a Chicago condo purchase, along with important questions you should ask and things to consider, including those looking at new construction condos.

• NYC, SF, OC Among the 10 Costliest Cities to Live: Living in the U.S.’s big cities will cost you—but Chicago is a city packed with the luxury, shopping, dining and culture city-dwellers are seeking, but with real estate priced well below the cost in major cities.

• Life in the Second City—First-Class Accommodations for Half the Price: A Chicago condo in a prestigious building costs anywhere from $325 to $1,200 a square foot. That’s about a third less than the cost of property in New York City or San Francisco.

• Purchasing Chicago Real Estate: Due Diligence is Essential: This post lists crucial questions any Chicago condo buyer should ask when real estate shopping in an unstable economic climate.

• Top Five Reasons to Live in Chicago’s Streeterville: Culinary gems, Michigan Avenue shopping and spending summer near the lakefront are just a few reasons Chicago’s Streeterville is a coveted neighborhood to live in.

• Top Five Reasons to Live in Chicago’s Gold Coast: Elegant and chic, the Gold Coast boasts fine architecture, upscale dining and parks and beaches just a few steps away from your front door.

• Lincoln Park Condos—Could One Be Right for You?: Lincoln Park offers ideal opportunities for young professionals, recent graduates, growing families, and anyone looking to settle in a Chicago neighborhood with a distinctive urban charm.

• Ritz-Carlton Residences, Chicago, Slated to be One of Most Desirable: Chicago’s highly-anticipated Ritz-Carlton brings the gold standard in luxury living for real estate buyers seeking a mix of lavish privacy and a vibrant lifestyle.

Find these posts helpful? If you’re looking for knowledge and experience in your search for Chicago real estate, please contact agent Sheldon Salnick at (312) 264-5853 or by email at ssalnick@rubloff.com.

An article in November’s Chicago magazine said three-bedroom condos have been a tough sell in a down real estate market. The reason? Those who want to downsize—such as empty nesters—need to sell their current residence before finding that perfect Chicago condo. Many empty nesters desire 2,000 square feet of living space, and a three-bedroom condo allows them room for an office and a guest room in addition to a bedroom.

Chicago home buyers may be more apt to get a deal on a 3-bedroom condo these days since they aren’t moving on the market the way other properties are. Deeper discounts are often negotiable on properties with higher assessments—resulting in a better value for the purchase price.

And it’s not just empty nesters that could benefit from these slow-moving 3-bedrooms. Depending on the size, a 3-bedroom Chicago condo could be perfect for a single person who could enjoy the extra space, as could newlyweds or those looking to start a family. A 3-bedroom in the right condo building with the right amenities and floor plan could be the answer for any home buyer, especially those who want to negotiate a good deal right now.

If you’re looking to get the best value out of your Chicago condo purchase and want to find a property that fits your lifestyle, please contact agent Sheldon Salnick at (312) 264-5853 or email him at ssalnick@rubloff.com.com.

Costs of living continue to increase, and a big-city lifestyle makes no exception. In fact, calling many of the country’s metropolitan areas home could cost you more than twice the national average of standard living. The ACCRA Cost of Living Index recently released the top 10 most expensive urban areas to live in, and New York City, San Francisco and California’s Orange County all made the cut. Chicago, however, down at #14, brings that Second-City lifestyle without wiping out much of your income.

In addition to lower living expenses, a Chicago home will cost you less than a home in most major cities, according to the Index. Compared with Chicago, here’s how much housing would cost in these major cities:

New York City: 213% more
San Francisco: 121% more
Los Angeles: 89% more
Washington, D.C.: 68% more
Boston: 18% more
Seattle: 16% more
Portland, OR: 0% more/less
Las Vegas: 0% more/less

The cost of owning a Chicago home or Chicago condo doesn’t quite rank among other noteworthy cities. Chicago real estate in the most exclusive buildings might only cost you the average price of a New York City home (about $1.1 million). Even Las Vegas, a city often thought to have all the hustle-and-bustle of a major city for a lower cost doesn’t offer any more value than a Chicago home.

Not to mention that Chicago can hold its own among the offerings of other cities. Buying a Chicago home might cost less, but the city is rich in culture, history, architecture, shopping, dining and a cosmopolitan lifestyle. Chicago is lucky to be home to a number of spectacular museums, along with many buildings that present some of the finest architecture in the country. You’ll also find upscale shopping along the Magnificent Mile, , first-class dining throughout every many neighborhoods and one of the best symphonies in the world—all of which can be found just up the block from the exquisite Chicago homes. And with luxury living so obtainable, you’ll have plenty left to enjoy it.

If you want to learn more about the opulent lifestyle Chicago offers, please contact agent Sheldon Salnick at (312) 264-5853 or email him at ssalnick@Rubloff.com.

That near-perfect timing could continue for first-time homebuyers: the tax credit of up to $8,000 has been extended into 2010. Eligible taxpayers who purchase a home by April 30 (and close by June 30) can claim the credit on their 2009 taxes. So if you’ve been on the fence wondering if now is the time to buy a Chicago home, this tax credit provides an opportunity we likely won’t see again.

But what if you already own a home and are looking to purchase another? While much of the tax perks have been extended to first-time buyers, repeat homeowners have their own incentive for real estate purchases—a separate tax credit of up to $6,500. Homes purchased for less than $800,000 are eligible for a tax credit of 10 percent of the purchase price if buyers have an income of less than $225,000 (for married taxpayers). Even those with an income of up to $245,000 (for married taxpayers) may qualify for a credit along a “phaseout” range based on your modified adjusted gross income.

Those looking for a good value in the purchase of a Chicago home or Chicago condo could be perfect candidates to take advantage of this tax credit. The home you are selling must have been your primary residence for five years in order to qualify. Buyers must be in a contract to purchase the new home before April 30 in order to claim the credit on 2009 taxes. If the purchase doesn’t close before tax day, you may need to request an extension or amend your return later in order to file for the credit.

And finally, there is also a tax incentive for Chicago home owners who aren’t looking toward a real estate purchase. Instead of purchasing a new home, making “green” improvements to your primary residence could qualify you for a tax credit of up to $1,500. The credit is available through 2010. Eligible changes include things like installing energy-efficient windows or heating systems, and the residential energy property credit could return up to 30 percent of the cost of improvements.

If you’re ready to take advantage of these limited-time tax incentives and see what the Chicago real estate market has to offer, please contact agent Sheldon Salnick at (312) 264-5853 or email him at ssalnick@rubloff.com.

But not all Chicago condo associations are like the other. It’s important to scope out the association and ask questions about a condo building with the same diligence you would the condo itself. Particularly in a down market, it’s impossible to see what’s going on in a building unless you dig a bit deeper.

If you’ve got your eye on a Chicago condo, here are a few questions you might not have thought to ask:

• What’s the future plan for the building? Many buildings have 5 or 10-year plans already in place, so it’s important to consider that plan in your decision-making.

• How much is in the building’s cash reserve? A reserve of $250,000 may seem stable, but for an older building, that amount might not go very far.

• Compare the assessments of a Chicago condo to sister buildings—those in similar locations, built near the same time and with like amenities.

• Does the association put a cap on the number of units that can be used as rentals? This is important to know as a potential neighbor, as well as if you’re planning to buy a Chicago condo to use as rental property. Some associations also put a limit on the amount of time a property can be used as a rental.

• Does the building have a loan from the bank? Many Chicago properties have made an example of what can happen when new buildings aren’t able to make good on their loans. As a potential buyer, you should know the ramifications of any loan that could affect your property.

• What is the history of remodeling in the building? If a Chicago condo building is due for touch-ups, keep in mind that you may have to deal with that construction.

• How old is the building? Has it had upgrades that are built into the price?

• Does the building have a history of any special assessments that you might have to consider?

One final tip: An inexpensive condo doesn’t mean it’s a great buy. An unbelievable deal is usually just that—so be sure to consider the whole package when shopping for a Chicago home or condo, not just the price tag.

To find a Chicago home or Chicago condo that offer the features you’re looking for, please contact Chicago real estate agent Sheldon Salnick at (312) 264-5853 or email him at ssalnick@rubloff.com.

But believe it or not, now is a great time to buy. Winter is perfect for taking advantage of real estate deals, plus several right-now opportunities won’t be around forever, such as:

• For first-time buyers, the $8,000 tax credit from the government has been extended, and now a single person can have an income of $125,000 or a couple at $250,000 to be eligible.

• There’s no telling where interest rates will go, and right now we’re looking at the lowest levels in history, making it a great opportunity for buyers. Rates were lowered as part of the Fed’s 2008 program, which is now nearing its end and might not be setting things up so well for buyers in the near future. Before the Fed’s program, rates were well-above 6%. We could certainly return to that rate once that program has ended.

• Chicago home sellers are highly motivated in the winter season to move fast, making it a time best to negotiate a good buy.

If you’re looking at Chicago new construction, it’s also an opportune time to negotiate a deal, as many developers are under bank pressure to sell their properties and a developer’s profit comes from the last 20% of sales on that development. Some new construction properties might also offer closeouts to help the developer sell quickly (which could mean a great value for your new Chicago home).

Sellers are also motivated by buyers who can put down 15% to 20% or close the purchase within 30 days—good negotiating tools for you when shopping for a Chicago home. Those tools will benefit those looking to buy luxury Chicago new construction. A conforming loan on a $1 million-plus property will get you a great deal and if you put 25% to 30% down or close agreeing to a 30-day closing period you’re in an excellent negotiating position in the current real estate market. If you’re looking to pay cash for Chicago real estate, you’re in an even better position to negotiate price if you can close in less than 30 days as well.

This time of year is also a great time for those looking for a Chicago condo, as most associations know what their 2010 costs will be, so buyers aren’t left guessing.

To find your new Chicago home this winter and determine the best negotiating strategy for your situation, contact Sheldon Salnick at (312) 264-5853.