Demand Still High For Chicago Apartments

August 31, 2010 - Sales of Chicago condos may not be booming right now, but the rental portion of Chicago real estate is. Because of the recent downturn in home values as well as tighter lending requirements, many potential Chicago condo buyers have decided to rent instead and wait out the market and economy. Appraisal Research Counselors vice president Ron DeVries was quoted in an article in Crain’s as saying that, “People are retrenching, and I think renting is consistent with that mindset. Everyone wants to reduce their risk, I guess.”

According to the latest Appraisal Research Counselor report, the occupancy rate at Class A rental towers downtown was up to 94.5% in the second quarter of this year and is the highest occupancy rate in almost three years. Net effective rents are also up to $2.22 per square foot, which is a 2.8% increase over last quarter. Ron DeVries predicts that downtown apatment occupancy will increase to around 95.5% by the end of this year, according to the article. He also believes that rents will go up to 9.5% more than they were last year.

There have been 3,620 Chicago apartments completed since the start of 2009. But no new apartment towers are set to be built and completed for at least three years, so a shortage of rental units could actually take place, causing rents to go up even more in the next couple of years.

Chicago apartments face a lot of competition from Chicago condos that are temporarily up for rent. ARC reports that there were 1,808 downtown Chicago condos rented through the MLS in the second quarter of this year. That is a 72% increase from the first quarter of this year and 32% increase from the same period a year ago.

Renters certainly have a wide selection of units and options right now, as well as concessions like free rent. But if you are in a position to buy, there are also lots of Chicago homes for sale, many at reduced prices.

Technorati Tags: Chicago Apartments, Chicago Homes For Sale, Chicago Real Estate

Chicago Condo Closing Costs Rising

August 30, 2010 - According to the latest numbers released by Bankrate, closing costs in Illinois have increased quite a bit over the past year. The Tribune states that there has been a 41% increase in closing costs since last year, according to the Bankrate study. Closing cost nationally have gone up 36.2% over the past year.That means that closing costs on Chicago condos that are priced at $200,000 would be about $3,505. Last year closing costs on a $200,000 mortgage were about $2,486. Closing costs on Chicago real estate generally cover things such as credit checks on buyers, title insurance and appraisals to name a few services.

The reason for the jump is that the federal government has required that lenders stick by their good faith estimate. A good faith estimate is a statement from a lender given to a borrower at the start of the loan application so that the borrower has an idea of what the closing costs will be. It wasn’t uncommon for banks to understimate closing costs in a
good faith estimate and then write them in higher once the loan was approved. But now they must honor those estimates, so they must quote them higher in the beginning.

But according to the article, Illinois isn’t anywhere near the top when it comes to high closing costs. The state actually ranks 31 among the 50. So if you’re in the process of buying Chicago condos, just be sure to shop around for both the best deal on a home and the best deal on Chicago mortgages.

Technorati Tags: Chicago Mortgages, Chicago Condos, Chicago Real Estate

Price Cuts At Amberly Woods

August 24, 2010 - If you are looking for suburban Chicago condos and think Lake Forest might be a nice place to live, you may want to check out the remaining unsold units at Amberly Woods. According to a recent article in Chicago Magazine, the last available 15 condos in the 45 unit suburban Chicago real estate development have had prices reduced by as much as 43%.

Amberly Woods was developed by Residential Homes of America and as the name implies, is situated in a wooded setting. According to the article, prices on the condos range from $299,900 for a 1,363 square foot unit to $639,990 for a 2,591 square foot condo. Underground parking is included in the price of these units.

Finishes and features include 10′ high ceilings, a balcony, oversized master baths, kitchens that are separate from the common area rooms, crown molding and base trim plus top of the line cabinets and counter tops.

Amberly Woods in Lake Forest may be perfect for you if you enjoy the tranquil setting. But if you are more of a big city fan, you may want to expand your condo search to other Chicago homes for sale.

Technorati Tags: Amberly Woods, Chicago Homes For Sale, Chicago Real Estate

Home Staging Seminar And Foreclosure Help

August 23, 2010 - If you’ve been thinking about selling your Chicago condo or shopping for Chicago condos, then you know how important first impressions are to prospective buyers. You can increase your chances of a sale or just learn how to stage a home for selling by attending the home staging seminar that Koenig & Strey Evanston Office is presenting on September 30th at 7pm. You’ll need to call ahead at 847-555-5818 if you plan on attending.

For those of you needing mortgage help, a recent Tribune advertisment states that anyone who lives in Cook County and has received a foreclosure notice and needs assistance may want to contact the Cook County Circuit Court’s Mortgage Foreclosure Mediation Program. If you have Internet access and an email address you can go online and fill out the form available on cookcountyforeclosurehelp dot org. You will get an email response with a housing counselor/mediator appointment time no later than two days after filling out the form. You can also call 877-895-2444 or 312-836-5222 (TDD) if you don’t have an email address.

The upside of Chicago foreclosures is that some great Chicago real estate can often be purchased at low prices, so you might consider checking out the condos and homes available in that category.

Technorati Tags: Chicago Foreclosures, Chicago Condos, Chicago Real Estate

Optima Old Orchard In Skokie Cuts Prices

August 16, 2010 - Even suburban Chicago real estate developers are advertising some pretty good price reductions lately. Right now at Optima Old Orchard Woods in Skokie you can save some money at their 20/20/20 sale. Developer Optima is taking 20% off the price of 20 select condos effective until September 20th. There are combination units as well as penthouse units included in the sale at the three tower complex, according to a recent ad in the Tribune.

These suburban Chicago condos are ready for occupancy and come with stainless steel appliances, granite counter tops, hardwood floors, elegant baths, an optional gad firelace, window treatments, washer and dryer plus plenty of windows.

Common amenities include a fitness center with pool and spa each building’s top level, green rooftop with gardens and sundeck, fountains and tennis courts. There is also a party room with an attached catering kitchen for resident use. The building is pet-friendly also.

One bedroom condos at Optima Old Orchard Woods are now listed from $199,320. They were priced from $259,700. Two bedroom condos that were starting at $340,500 have been lowered and start at $274,920. And if you need more room, you can purchase a three bedroom unit that was priced from $517,000 that is now listed from $413,600. Indoor parking is included.

The sales center and models are open on Monday through Friday, 10am to 6pm and Saturday and Sunday from 10am to 5pm.

You can find other great Chicago homes for sale like Optima by following the link.

Technorati Tags: Optima Old Orchard Woods, Chicago Homes For Sale, Chicago Real Estate