Overall the home sales in Chicago slowed down a bit in October but still posted the most active October since 2005.
Watching home sales in a nine county area there were a bit over 9300 home sales in October 2013 which beat Oct 2012 which only had about 8500 home sales. Within just the city there were a bit over 2200 homes sold in Oct 2013 which was up 7.5% from 2012.
This trend is still very promising for the housing market and the economy and watching the home sales over the rest of 2013 will really be interesting to watch.
If you’ve been keeping an eye on the Chicago Real Estate Market you will have seen that is is trending up from the lows it hit in 2009.
We’ve taken a look at the Case-Shiller Home Price Index for Chicago and it’s very clear that the overall trend of home and condos are still on the rise even after the national housing market crash. Condo prices are also back to the levels they were at back in 2002 which is looking pretty good for the housing market in general.
The Illinois Association of Realtors Monthly Sales Data tracks the monthly units sold for the Chicago Primary Metropolitan Statistical Area. Their data shows that home sales in Chicago and the surrounding area have rebounded over the past three years and in August peaked at the highest level in the last seven years that data has been collected.
Any way you look at it the market seems to be getting better for condos and homes in the Chicago and Streeterville area.
Navy Pier is one of Chicago’s top tourist attractions and attracts visitors from all around the world in addition to those living nearby. By choosing to buy or rent in Streeterville you can live steps away from Navy Pier and enjoy the events and fireworks on a regular basis.
Navy Pier was first built during World War I and was originally a 3000 foot pier that was used as a Navy training center. Since then it has been transformed into a very popular tourist attraction. It is now a carnival, food court and a boat dock all rolled into one. One attraction on the pier is an area called Crystal Gardens. It is an interesting place complete with 70 palm trees, a glass enclosed atrium, dancing water fountains and several children’s rides.
Another attraction at the pier is an IMAX theater. If you have ever been to an IMAX movie theater you know what a great experience it is. With IMAX you feel like you are in the movie so if you have never experienced one you should check it out. This is not the end of the attractions though. There are also many other attractions including the Chicago Children’s Museum, an ice skating rink, a Shakespearean theater, a 15 story tall Ferris wheel and many different restaurants and beer gardens. By now you can understand why the Navy Pier is such a popular Chicago attraction and draw many people to live near it.
When you visit Navy Pier you are greeted with a 19 acre Portal Park upon Chicago’s lake front. There are lots of spots that you can hang out at and see when it comes to the Navy Pier Chicago. With all these great things to do, it is no wonder that many people want to live at the residential building nearby Navy Pier.
How to figure out what you can afford to buy a house is always on the minds of all buyers. Although it may sound complicated, it is much easier to figure out than you might think. If you are planning to purchase a home, the very first thing that you need to consider is your budget. Knowing how much you can afford will help you decide what kind of house you can buy. The joy of homeowner is incredible. There are so many things that you need to consider before you can decide to purchase a house.
When you are thinking of buying a home, the first thing that you must truly consider is your budget. Admit it or not, buying a house can be quite a tedious job since there are a lot of factors that you need to consider. Especially in terms of finances. By asking yourself the simple question of how much can you afford to pay each month is an important start.
Knowing how much you can afford to pay will allow you to make the important decision of what you can afford to purchase if at all.
Here are the step that you need to take to figure out how much you can afford to buy.
This are the things that you need to consider before you have to decide in buying a home.
Gorgeous old town Streeterville condo, located at 1372 N. Mohawk Street is currently for sale.
This intimate three bedroom and two bath is a one of a kind urban living condo in Streeterville with 1800 sq. foot of space.
The condo has a separate dinning room and a separate huge master suite.
There is a private terrace, common rooftop deck, secure parking, on a safe neighborhood and street.
Priced at a great price of $375,000. If you like to see or get more information on this unit please call us at (312)-755-9999.
This one bedroom condo located at 535 N. Michigan Avenue, Unite 1009, is available with remodeled kitchen, a large bath, and tons of closet set. The condo has 840 square footage of space. Located on the Magnificent Mile, the condo has tons of amities.
This condo has a nice size living room area with skyline views.
As we said earlier, the kitchen was recently remodeled as the seller is very motivated.
Below is the floor plan for the entire unit.
The building has indoor pool, sundeck, fitness center, parky room, 24 hour doormen. The condo’s listing price is $194,900.00.
If you like to look at the condo, please call Streeterville Properties at (312) 755 – 9999
Living in Streeterville, we constantly hear how the value of your condos are constantly increase as the demand to live in the Streeterville is enormous. Whether you are seriously considering selling immediately or are just curious of the value of your property for personal reason or you are considering refinancing or getting a second mortgage, securing the correct value of your condo can be very important.
So what are your options in Streeterville to get an accurate value of your condo? First, real estate agents in Streeterville will be happy to prepare a comparable market analysis of your property. Many would be willing to do it to form a relationship with you which may materialize one day with your using them to sell or buy property. So there is a real opportunity to get these comps for free.
Your second option is to hire an appraiser to professionally figure out the estimate value of your condo after visiting the property, looking at it and reviewing the sale price of similar condominium near by or in the same area. The report that he or she provides will include the basis of their conclusion and how they arrived at it. These conclusion can be given to the bank to determine the value of your home.
Another alternative is to see what the value of homes in your neighborhood is selling for with similar size, bedrooms, and bathrooms. Its not an exact science but can give some idea of the value of your Streeterville condos.
Many people are looking to foreclosure market for distressed condos in Streeterville. Given that Streeterville is such an attractive market, it only natural for people to look into buying a Streeterville condo for a reduced price. However, going this route can have a lot of potential problems if you don’t know what you are doing.
Some Streeterville condo associations have the right of first refusal. This means that the homeowners’ association (the residents of the building) can see what the market commands and then match any offer that comes in thereby delaying and driving up the price of the condo. They have a vested interest in doing this as it will keep the value of their unit in the building from falling too low. So find out if this exist or not in the condo you are looking at.
Second, in the state of Illinois, buyers of foreclosed condos are responsible for up to six months of delinquent assessments. So it is important that you figure out what those fees are and try to negotiate with the bank the amount owed.
Third, foreclosed Streeterville condos are sold as is. You don’t get the opportunity to inspect the unit because in most cases its still occupied by the previous owner. You might even have to incurred legal fees to remove the tenant after you assume ownership. So you might want to add the cost of retaining an attorney for the eviction costs in your bid.
Given that you won’t be afforded the opportunity to inspect the unit, factor in the additional cost of repairing the unit and making it habitable. You can safely assume that the foreclosed owner did not go out of his or her way to keep the condo in pristine condition. So talk to a contractor about potential cost of fixing the unit. It is essential that you factor that cost in your equation because I hate for you to buy a condo in Streeterville and then not have enough money to fix it and make it habitable.
Don’t forget that the condo will have tons of trash and debris in it that will require someone to clean it. The previous occupant did not have any incentive to make it look nice since they were being forced out of the unit.
We have all heard that adage it is always better to own real estate than to rent it. The only question is can you afford to do it. Does that still hold true if you are considering to buy a condo instead of a home. A condominium is a unit that is independently owned and the common areas surrounding the unit such as hallways, cooling system, heating system, and elevators, is under legal rights and controlled by the group of owners that jointly stand for ownership of the whole land. As the owner of an individual unit (condo) you have to pay a monthly maintenance fees that goes to the homeowner association to pay for the maintenance of the common area. So not only do you have to pay for your mortgage you also have to pay the owner association fees as well plus insurance. Usually your insurance fees are included in your homeowner fees but the level of insurance depends on what the association of the condos agrees to.
So when you are considering buying or renting a property you need to figure out your budget and see what you can afford to pay. If you can afford to pay the mortgage and additional cost, it always a good idea to consider buying a condo instead of renting.