From wonderful to wrecked, Chicago condos can come in all shapes, sizes, and conditions. And like everything, it’s important to do a little digging before you make a commitment. This is especially true for properties just out of foreclosure. In Chicago, foreclosure condos have risen dramatically since the real estate market imploded nearly two years ago.
While this has created some great deals for some, buyer beware: the foreclosed properties out on the market today have also created an equal amount of pitfalls for those looking to buy in Chicago. Foreclosure condos carry more baggage than the average property, which can make this niche in the real estate market especially hard to navigate. Vandalism and neglect aren’t uncommon among Chicago foreclosure condos and it’s important to prepare yourself both economically and emotionally before investing into a property.
Before you invest, you need to know which Chicago foreclosure condos are worth buying and which ones aren’t; these tips should help make your decision a little easier. Continue Reading…
Recently, a top real estate executive predicted that luxury Chicago condos will rebound faster than the market for single family homes for sale. In early June, Jim Kinney, Vice President of the luxury division of Baird & Warner, stated his opinion on the market for
Chicago condos.
Reasons for the Rebound of Luxury Chicago Condos
Kinney thinks condos will be able to recover more quickly due to the fact that downtown won’t welcome any new luxury high rise condo developments for five to ten years. While rental towers and mixed-use developments will go up in the next couple years, any plans for condominium developments, like the Chicago Spire, are on hold.
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On the northwest side of Chicago, you’ll find a burgeoning residential neighborhood named after a 36-acre park. Portage Park real estate, like the real estate offerings of many northwest Chicago neighborhoods, is surrounded by a neighborhood with a historically Polish influence. It is a favorite of young families looking for Chicago real estate in a quiet residential area with shops, eateries and a tight-knit community to buy into.
A recent article in Chicago Tribune profiled the community as a place where there are long-time residents and an influx of new buyers who are equally pleased with the neighborhood. Continue Reading…
The National Association of Realtors released the May statistics for
Chicago homes for sale this week. The national data isn’t all positive, but the Chicago statistics hint at a possible recovery. Understanding these statistics and how they are trending will help Chicagoans looking to buy Chicago homes find the best deals and understand when to buy.
Chicago Area Home Sales Statistics from May 2010 Continue Reading…
While the inventory of rental condominiums is drying up, apartment rentals are dominant in the downtown Chicago real estate market. Many urban dwellers leery of buying in the current economy, for fear of not being able to sell, have turned toward renting Chicago loop real estate. An accompanying bump in rental inventory is planned for the coming year. Continue Reading…
Our Chicago real estate brokerage is proud to announce that Jameson agent Lauren Mitrick has been named one of the country’s 30 Under 30 by REALTOR Magazine. The magazine is currently celebrating the 10th anniversary of 30 Under 30 which was created to spotlight 30 rising stars in the real estate industry each year.
According to REALTOR Magazine, this year’s 30 Under 30 embody the following traits: “Balancing independent thinking with a healthy respect for their mentors, our honorees for 2010 are integrating new media with old-school touches. Many started their real estate careers while in college — and most of these educated young pros favor higher standards for the business. They’re demonstrating vision and commitment as they bridge generation gaps, turn around tough situations, and help manifest their clients’ dreams.” Continue Reading…
