Image taken on 2009-04-28 15:53:03 by Anne Rossley.
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Chicago ranks third in the nation in terms of condos that are expected to be completed this year, with 8,533 more units to hit the market. A condominium or condo for short is a legal term describing a type of joint ownership of real property in which portions of the property are commonly owned and other portions are individually owned. The condominium consists of units in a multi-unit dwelling where each unit is individually owned and the common areas like hallways and recreational facilities are jointly owned by all the unit owners in the building. Condo insurance protects the owner from expenses that may be incurred because of this joint-ownership aspect, as well as other common things related to home ownership. Condo insurance in Chicago is different than any other type of insurance, because you have both common and individual insurance needs. The condo association is responsible for insuring the exterior, while you have to cover your personal property and liability damage.
From the time Chicago was incorporated on August 12, 1833 with a scant population of 350, the city has experienced continual growth well beyond the dreams and expectations of those original planners. With it’s prime location along the two major waterways of Lake Michigan and the Chicago River, it is a magnet for businesses and individuals drawn to the city’s diversity and resources. Those factors, among others, are fueling the record number of new condominium project developments in the construction or planning phase between now and 2009. Sales of new Chicago condos and townhomes have declined over the past few quarters, but that hasn’t slowed the pace of builders eager to market new housing projects. According to statistics gathered by Appraisal Research Counselors of Chicago, sales of new construction condos decreased every quarter of 2006, averaging a drop of 16% from the previous year. But despite those figures, over 30 new buildings or conversions are in either the marketing or construction phase, particularly in the highly sought-after Millennium Park, Museum Park and South Loop areas. This supply versus demand ratio has fostered serious competition among Chicago real estate developers. Generally, financers of construction loans such as LaSalle Bank or Lehman Brothers require that at least 50% of the units in a condominium be sold before financing is provided. Developers have become aware of the need to offer potential home buyers a product that is appealing not only in price, quality craftsmanship and location, but caters to the changing lifestyles of residents. Without strong pre-sales, a large percentage of planned town homes and condos will never rise any higher than the draft board. Marketing techniques have become a vital tool for obtaining these pre-construction sakes numbers needed by Chicago Developers. The Internet has become the world’s largest real estate agent, allowing builders to reach out with floor plans, photo shows, and pricing deals with pre-registration. On-site interior decorators are even offered to those who buy early. This has proven to be a boon to sales, with only the state of New York requiring builders to register their plans before offering any information publicly and pre-selling units. The Chicago townhomes and condos can be marketed to a much larger section of the population and the ease of home shopping without having to drive any distance is an added convenience for many of today’s technology bent new buyers. Large development companies are tapping into the more specialized wants and needs of buyers by providing services usually associated with accommodations in a five star hotel. American Invesco, DK Equity, Davis Group and Lennar Homes are a few of the mega builders experiencing success with this strategy. Successful builder Centrum Properties most recent projects in Chicago are the Lofts at Roosevelt and Fairbanks at CityFront. Terrapin Properties, headquartered in the city, specializes in mixed use developments, including Burnham Point at 710 S. Clark. Smithfield Properties last two projects, Eric on the Park and Kingsbury on the Park, were in such demand that the units in this luxury condos sold out before construction even started. Mesa Development/Walsh Construction is building the Legacy at Millennium Park, a stunning location with views of the lake and surrounding green acres. He high rise units allow residents a spectacular view of the Chicago skyline, waterways and nearby parks and developers guarantee it will never be obstructed. Potential residents are drawn by the prospect of living within easy access of outdoor recreation while still being close to downtown. Another factor fueling the popularity of these Chicago condos and townhomes is the services provided to the residents. Most of these buildings include private exercise facilities, spas, pools, concierge service and countless other amenities in addition to the high quality furnishings in each unit. Private terraces and balconies, laundry service and indoor parking are also included with most condos. The focus is on catering to the lives of residents and building a sense of comfort, not just building a condominium. Condos and conversions in the South Loop area are selling at a fast pace as well. This part of Chicago has long been known for its neighborhood charm, from the unique shops and small coffee houses to bigger retailers such as Macy’s. The growth of new business and availability of affordable luxury homes has supported strong sales in this location. Lexington Park, developed by the Chieftain Group, is a “green” building with LEED certification in the popular South Loop area. Belgravia Group’s project at 565 Quincy is another property conveniently situated near the Loop. The final numbers for 2007 will tell the rest of the new condominium market story for Chicago. But if the current trend continues, the last chapter in sales will probably consist of the proven new home builders who know what buyers want; great location, competitive prices and comfortable living. Visit http://www.BestChicagoCondos.com for the insider scoop on Chicago condos and condo developers. Keith Frank has been writing about Chicago luxury condos for several years. He lives in the Gold Coast neighborhood with his wife.
One of the ways in which investors in Illinois are finding great deals on real estate these days is through the market for Chicago bank foreclosures. With faith in the housing market shaken and property values extremely low nationwide, buyers are looking for the best ways to make valuable real estate purchases, and in most cases there are few properties that offer the chance for savings as these discount properties.
Chicago bank foreclosures are very unique properties. They are on sale as a result of a previous homeowner’s inability to make good on their mortgage payments, and as a result, the bank in charge of the loan must sell them to make back their money. The key aspect of this for homebuyers and investors however is that buying Chicago bank foreclosures often means saving a great deal, since often times the bank only needs to make back a portion of the home’s value to satisfy the debt.
Currently, the Chicago metropolitan area is experiencing a full on foreclosure boom, and has one of the highest rates of foreclosure in the nation. As a result, prices of Chicago bank foreclosures at auction are falling anywhere between 10 and 50% below the actual market value of the property. This creates an incredible opportunity for homebuyers looking to save on real estate in the area, and for investors looking to make sure bets in a shaky market. If you’re looking for property in the area, there’s no better way to currently get a good price with a good potential investment value than through Chicago bank foreclosures.
Buyers looking for listings would do well to consult BankForeclosureSale.com, an online listings provider. Here you’ll find not only up to date listings for Chicago bank foreclosures, but also valuable tips and advice for buying that can help you make the best purchases possible.
The old Brach’s plant is located at 401 N. Cicero, just north of Lake Street, in a community that has seen many of its Chicago schools closed and others placed on academic probation. The 30-plus-acre property has been vacant for three years. LaShawn Ford is the owner of Ford Desired Real Estate and candidate for state representative of the 8th district. The democrat has an ambitious plan to use the Brach property for a new school. In June of 2006, Ford convinced Chicago schools’ officials to join him in a walkthrough of his plan at the site. Though he had prior permission for the walkthrough with the Chicago schools’ officials, there was no one present to give them access through the 30-foot fence that surrounds the property. As with most politicians, Ford improvised by driving through a hole in the fencing to gain access. Chicago schools’ officials found that the property was close to Chicago’s Green Line, and it had some great parking space. Ford emphasized that a school located there could cater to many students from many areas of the city — Chicago schools’ buses could transport students in from different districts. The Chicago schools’ officials saw that the location and amount of property could attract a multitude of students with diverse economical, cultural and ethnic backgrounds. Ford further pointed out that the Chicago schools had recently invested $30 million into Austin High School for Renaissance 2010 upgrades. He noted that had they foregone those renovations, they could had invested in a new school at the Brach location that would provide much more to the Chicago schools’ students over the long term. The biggest problem facing Ford’s ambitious plans for the Chicago schools is zoning. The old Brach plant sits in the city’s Protected Manufacturing District. That means that sites within the district can be used only for industrial development. When presented with other plans in the past, the city has been reluctant to rezone the area for commercial or residential development. The second problem is financing. The property currently is listed at the Paine/Wetzel INCOR International web site for $10 million. The Chicago schools’ officials have suggested that the best scenario would be for a donor to purchase the Brach property and give it to the Chicago schools for further development. Even this, of course, is contingent on whether or not the Chicago schools have enough surplus funds to build the school. The estimated cost of building is from $20 to $40 million. Of course, the perfect solution would be for donors to cover the cost of building, as well. As it currently stands, Ford’s proposal is being considered by the Chicago schools. The Chicago schools’ officials stated that further study on the project would be needed before any decisions could be made.
Heading: Have you heard of Chicago’s TaxSmart Program? In an economic climate such as we are facing now, it is great to know what tools you have at your disposal to reduce your cost of living. Chicago is offering a program called TaxSmart that many home owners do not know about. This program is a “Mortgage Credit Certificate” (MCC) that provides qualified home buyers with a federal income tax credit. This is a tax credit which directly reduces the amount of taxes that qualified home owners are due. This program would earn a home buyer an MCC to reduce their taxes by 20% of the interest paid on a mortgage. The beautiful thing is that this credit can be claimed every year as long as you still live in the home that is financed through TaxSmart. Here are the guidelines laid down by federal law that a “qualified home buyer” must satisfy: First-Time Homebuyer Target Area Purchase Income Purchase Price Principal Residence One-to-Four-Family Home New Mortgage Program Area ***VERY IMPORTANT*** There are some other requirements such as pre-purchase counseling. Check out this link :http://www.cityofchicago.org/city/webportal/portalContentItemAction.do?contentOID=536900353&contenTypeName=COC_EDITORIAL&topChannelName=Dept&channelId=0&entityName=Housing&deptMainCategoryOID=-536887413&blockName=Housing/Fire,+Police,+Teacher+Grants/I+Want for a map of the Target Areas as well as more program specifics.
Lincoln Park With one of the cityâs longest stretches of traffic-free biking and designated bike lanes along many of the main streets, itâs no wonder Lincoln Park is a favorite Chicago neighborhood among avid cyclists and recreational bike riders alike. Paved paths crisscross the expansive namesake park, providing easy access to the siteâs many attractions (such as the Lincoln Park Zoo, Conservatory and History Museum), and underground passes and a skywalk with ramps to North Avenue Beach make crossing busy Lake Shore Drive carefree. The bike trail along the edge of Lake Michigan has become a main artery for city cyclists heading south to downtown and beyond or north to Lakeview and other north side neighborhoods. Actually, the path is part of a continuous 18-mile-long lakefront bike trail that hugs the shoreline from the South Shore Cultural Center up to East Rogers Park. The bike lanes in Lincoln Park are especially useful in areas like DePaul University where many students ride bikes around campus; Armitage Avenue, which is a popular boutique shopping district that is easier to walk or bike to than drive; and the Clybourn Corridor where a bunch of big box stores and chain retail options make for a parking shortage that bikers do not have to deal with. Lincoln Park residents who work in downtown have a quick commute to the business district in the Loop. Bikers can shoot down Wells Street and be in the midst of City Hall, Chicago Board of Trade, Sears Tower and other major office buildings in less than 10 minutes. The Loop Living in the Loop, you are already in the heart of Chicago and close to many of the cityâs main attractions and its thriving business center. Thatâs exactly why a good number of Loop residents ride bikes around the neighborhood: everything is nearby and it sure beats sitting in traffic or waiting for the âLâ train to come by. The inner blocks of the Loop are fairly congested with cars, taxis, buses and pedestrians, so cyclists should be cautious when riding through these hectic downtown streets (wearing a helmet and reflective gear is always recommended). Just west of the Chicago River, Canal and Clinton streets have bike lanes, which make for quick and safe north-south routes that pass by both Union Station and Ogilvie Center (Chicagoâs main transportation hubs). Ride east pass Michigan Avenue and youâll be in the sprawling park grounds of Millennium and Grant parks, which offer several outlets to the extensive lakefront bike trailâa wildly popular means for travel by city cyclists. Once on the lakefront trail, bikers enjoy well-maintained, paved paths with mile markers and lane designations for orderly riding and directional assistance. From the Loop, bicyclists can head down the trail 5 minutes to the Museum Campus to spend a day at the Field Museum, Shedd Aquarium or Adler Planetarium, or see the Chicago Bears play at Solider Field. And, instead of paying through the nose for parking, bikers can lock up their bikes outside for free! Lakeview Bike riding is such a common form of transportation in Lakeview that youâre bound to see bicyclists coasting down the streets even during winter! The strong cycling interest in this north side Chicago neighborhood has prompted the establishment of bike lanes and shared lanes on several of Lakeviewâs major thoroughfares. Halsted Street, which divides East Lakeview and Lakeview proper, has handy bike lanes that provide a north-south travel route right by loads of dining options, trendy night clubs and comfy neighborhood watering holes. During the summer, Cubs games are always cause for bottlenecks around Wrigley Field, but bikers never get caught up in the traffic jams. Those swift two-wheelers can fly right by the line of cars backed up at lights and diverted by barriers set up for the crush of fans flooding the ballpark grounds. Chicagoâs well-traveled 18-mile lakefront bike trail makes a tour through Lakeview East with easy access from the neighborhood streets to the path via three Lake Shore Drive underpasses at Barry, Roscoe and Waveland. Bike riders can take the vehicle-free trail north a few minutes to the Sydney Marovitz Golf Course and Montrose Harbor and Beach, or south past the Belmont Harbor Dog Beach to Lincoln Park and the Peggy Notebaert Nature Museum. And, Lakeview residents who work in downtown might just find this picturesque trail to be the fastest way down to the Loop (roughly a 20-minute ride). Try to beat that time in a car during rush hour! South Loop The South Loop is a budding Chicago neighborhood that has the right idea when it comes to âbikeability.â As one of the lucky communities with public parkland along Lake Michigan, the cityâs extensive lakefront bike trail runs right through the South Loop, connecting it with 18 continuous miles of scenic shoreline cycling. On the north end of the neighborhood, bikers can hop on the path from Grant Park. Cruise by Buckingham Fountain and watch the impressive water jets shoot 50 feet in the air then take the paved trail south through the Museum Campus and right past Burnham Harbor. Further down, bikers can easily cross Lake Shore Drive at the overpass/ underpass at 18th Street and another elevated skyway at the massive McCormick Place convention center on Cermak Road. Students at Roosevelt University and Columbia College (both located on Michigan Avenue in the South Loop) appreciate the convenient bike routes through the park and the designated bike lanes along the neighborhoodâs high-traffic streets. Wabash is useful for north-south travel and Roosevelt provides bikers with a safe east-west avenue to cross the Chicago River. Just west of the waterway, Roosevelt meets up with Canal Street, which also has bike lanes and allows cyclists to head up to the business district in the Loop from a less-congested west side approach. Bucktown Unlike Chicagoâs other top neighborhoods for biking, Bucktown is inland from the water and does not share in the popular lakefront bike trail that runs practically the entire length of the city shoreline. Nevertheless, this ultra-trendy community shows a fondness for cycling that has spurred neighborhood-wide measures to provide safe and convenient bike routes within the Bucktown borders. Streets with designated bike lanes are concentrated in the center of Bucktown, where most of the areaâs business and entertainment are focused. Damen is a north-south running thoroughfare that bisects the neighborhood and intersects all the other main avenues in Bucktown with bike lanes or shared lanes. From Damen, riders can pick up Armitage to the west or Cortland to the east, which crosses the Chicago River and hooks back up with Armitage in Lincoln Park and takes bicyclists directly to the waterfront (about a 10-minute trip from the heart of Bucktown). Slicing diagonally through Bucktown is Milwaukee Avenue, another heavily-traveled Chicago road that passes through numerous neighborhoods and is the site of countless shops, restaurants, bars and other businesses. Up in Bucktown, Milwaukee has shared lanes (marked by chevron and bike symbols on the pavement and yellow diamond warning signs). At Division, the shared lanes change to bike lanes (indicated by solid stripes on the pavement and signage alerting motorists to its existence), which continue to Grand Avenue where Milwaukee dead-ends in the River West neighborhood. Because Milwaukee angles straight towards the Loop, it provides a great way to transverse downtown from the near northwest side community of Bucktown. Information on Chicagoâs best neighborhoods for biking is supplied by Chicago real estate website Dreamtown.com. |
Chicago
September 9, 2010, 4:42 pm
 Cloudy 18°Creal feel: 17°C
current pressure: 1018 mb
humidity: 55%
wind speed: 3 m/s NE
wind gusts: 3 m/s
sunrise: 6:25
sunset: 19:12
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