How To Begin Your Gold Coast Chicago Real Estate Search Online

When you begin the process of buying a home in Gold Coast Chicago or in any other area, there are a number of important things to keep in mind. Many people dont realize that a huge amount of Gold Coast Chicago real estate is available to browse online right now. You just have to utilize a few key tips and tricks for the best possible results.

When you find Gold Coast Chicago real estate listings online, a huge amount of additional information is right at your fingertips. If you type the address present on the listing into Google Earth, for example, you can instantly view the area surrounding the home from nearly any angle street view, satellite view and more.

Using this method, you can also get a great idea of how close the home in question is to certain local points of interest, public buildings, businesses and other types of areas that you may want to explore when you actually live in the area.

Gold Coast Chicago: The Area

Gold Coast is a historical district in Chicago located in the Near North Side. It became the second most affluent neighborhood in the United States during the 1980s and remains popular to this day. Real estate in the area is a mixture of row homes, apartments, mansions and more.

To find out more information about buying a home in Gold Coast Chicago, dont hesitate to contact us today.

Chicago’s Condo Market Making a Comeback

chicago real estate chartChicago condo sales have risen over the past several months, with restored confidence in the real estate market driving demand and price appreciation in sought-after neighborhoods. These are key indicators that the market will continue to improve over the next few years, presenting opportunities for buyers and sellers alike.

But as Chicago condo sales continue to increase, inventory is being depleted to historically low levels. In fact, condo inventory is at the lowest overall since tracking began in 1997. David Wolf, president of Related Realty, recently shared his insights on the state of the condo market at the Marcus & Millichap Multifamily Forum, where Chicago’s real estate leaders gathered to examine the multifamily housing market. He shared a number of factors that can help people looking to buy or sell a condo in Chicago make an informed decision:

• New construction is making a comeback: The lack of construction during the downturn has contributed to today’s low inventory, but developers are recognizing opportunities and beginning to announce new projects. One such developer, Akara Partners, recently engaged Related Realty as the exclusive leasing team for 100 West Huron, a 28-unit condo building scheduled to break ground this fall. The 14-story building will include two-, three- and four-bedroom plans, a fully equipped fitness center, dog run and 24-hour door staff. As more developers act on current market conditions, buyers will begin to have more options.

• No large-scale developments on the horizon: While Chicago is still two-to-three years out from any large-scale new construction projects delivering, there are a number of smaller-scale new condo projects underway. For example, buyers can find an influx of three- and six-flat projects in areas like West Town, Wicker Park and Bucktown.

• Time is running out for existing inventory: The current sales pace and number of existing unsold condos suggests there is less than one year of inventory remaining in the market. Buyers interested in making a purchase should act now, while there is a greater choice of condos. South Loop Luxury by Related, a collection of 504 condos across three towers next to Chicago’s famed Museum Campus, represents one of few opportunities to purchase newly constructed condos in downtown Chicago. Each tower includes an array of upscale amenities, something that is unavailable in smaller condo buildings.

Chicago’s condo market is on an upswing, which is good news for both buyers and sellers. But understanding what’s driving that growth gives buyers and sellers the tools needed to make the right decisions. To speak with an agent about buying or selling a condo in Chicago, please contact Related Realty.

Akara Partners Taps Related Realty as Exclusive Sales and Marketing Brokerage for 100 West Huron

100Huron_Logo_Final_WhiteCHICAGO – Related Realty announces it has been hired by Chicago-based developer Akara Partners for the exclusive sales and marketing of Akara’s planned 28-unit condo building at 100 W. Huron Street, at the corner of Huron and Clark in Chicago’s popular River North neighborhood.

“We’re at a turning point in Chicago’s real estate market, with developers recognizing the opportunity created by low inventory stemming from the lack of construction during the downturn,” said David Wolf, president of Related Realty. “Akara Partners is a part of the first wave of developers stepping up to meet buyer demand with new-construction condominium product. We’re excited to put our expertise in condo sales to work to ensure the success of 100 West Huron.”

Akara Partners acquired the site at 100 W. Huron St. in 2013 and plans to break ground this fall, with first deliveries expected in fall 2015. The 14-story building will include 2-, 3- and 4-bedroom plans, a fully equipped fitness center, dog run and 24 hour door staff. Pricing is expected to start at $985,000.

The partnership with Akara marks further expansion into development sales and marketing for Related Realty. In addition to offering traditional resale brokerage services, the firm handles sales and marketing for Related Midwest’s development portfolio. Most notably, Related Realty manages sales for South Loop Luxury by Related, a collection of 504 condos across three towers in Chicago’s South Loop neighborhood. In 2013 alone, the Related Realty development sales team sold more than half of the condos in the collection.

“We wanted a partner for 100 W. Huron who has proven they understand the complicated dynamics of the current market and, at the end of the day, has demonstrated concrete results in terms of condo sales,” said Rajen Shastri, founder/CEO of Akara Partners. “Related Realty has an outstanding track record in both development sales and the resale market, so we have every confidence in their ability to sell out this building quickly.”

Wolf added that his team’s extensive network within Chicago’s brokerage community will be key to driving quick sales for 100 W. Huron in a fast-paced, low-inventory market.

“One of the most valuable resources we provide is our connections with local agents and our on-the-ground experience in Chicago’s market,” Wolf said. “Our development services stem from the expertise and best practices of the Related Companies, which sets our approach apart from any other brokerage in Chicago.”

Pre-sales for 100 W. Huron St. are currently underway, with a full sales and marketing launch expected later this month.

For more information about 100 West Huron, contact 312-274-3922 or visit 100WESTHURON.COM.

What’s the BIG DEAL with buying a Chicago condo?

If you’re looking to buy a home in Chicago, you likely know that your first step is to get pre-approved for financing when a “cash buy” is not an option. But did you know that a financing pre-approval is also crucial for a condo building whether you’re looking to buy or sell – a condo?

Getting approved for financing is two-fold: a personal credit (you) and collateral (property) approval are both required and all condominium buildings must meet certain guidelines in order to be financeable. Meaning that if you want to sell quickly, you need to know what type of buyer financing is available. If a condominium project does not meet specific guidelines, one of the following worse case scenarios may have a negative impact on the overall sale:

  • Buyer financing may be delayed and could delay a contract’s closing date as a result
  • Buyer must seek alternative financing, which often means reduced terms, increased down payment and higher interest rates
  • Buyer cannot obtain financing and must pay cash, or walk again from the deal

All of the above could negatively impact a condo owner’s ability to sell. If a buyer’s financing terms are more expensive, higher price points could be impossible. Financing issues that could delay closing or terminate the sale will likely cause the seller additional expenses.

There are a few items that a homeowner should do to pre-approve their condo building and to better prepare a buyer for its potential purchase. Owners who secure this information in advance will ensure a smoother transaction.

  • Attend HOA meetings to be aware of potential special assessments, building violations and/or pending association litigations.
  • Review the condo annual budget to confirm it’s balanced (expenses do not exceed income) and sufficient funds are being set aside in reserves for future expenses (10% of income).
  • Have available a complete copy of the recorded declarations and by-laws and any addendums. This set of documents must be provided to a buyer, and often times their lender.

The ability for a condo building to be financeable – or warrantable – may fluctuate at various times throughout the year. The definition of warrantable, in this context, is when a condominium project complies with conventional financing guidelines. A great resource for understanding what it takes for a condo building to be warrantable is In taking the time to pre-approve the property first, you will ensure a smoother sale – and potentially top dollar for anyone buying or selling a condo in Chicago, especially in popular neighborhoods like Streeterville, South Loop and Lakeview. That is a BIG DEAL.

Five Fun Facts About Old Town Chicago

When it comes to Old Town Chicago real estate, the area itself is just as interesting as the homes that youre looking at. Condos in Old Town Chicago definitely reflect the historic nature of the neighborhood theyre located in. Old Town Chicago Realtors may give you some of the story of the area while youre shopping, but the entire history is much more interesting than many even realize:

1. The name Old Town dates all the way back to World War II, when an annual fair called the Old Town Holiday proved to be so popular that the name just stuck.

2. Old Town also doesnt technically exist at least on paper. The area is not legally called Old Town instead, the locals and just about everyone else use the name to describe the area.

3. The Society for Human Rights, which was the first organization of its type in the United States, was founded in Old Town. It was founded by Henry Gerber, who had a home in the area on North Crilly Court.

4. If youve heard of the events of the 1968 Democratic National Convention, youve heard of Old Town whether you realize it or not. The events of that time period took place largely in Old Town as well as in surrounding areas like Lincoln Park, which is very nearby.

5. Old Town and the surrounding areas have long been a staple of popular culture. The 1990s cultural documentary Hoop Dreams, for example, featured a character that lived in the area in a housing project that has long since been demolished.

Find out more about what this historic has to offer by contacting Related Realty today!

What to Know About Buying Real Estate in West Loop Chicago

West Loop Chicago, also known as the Loft District of Chicago, is one of Chicagos newer neighborhoods.  While the West Loop area has been around for a long time, it only began to transform from warehouses to a trendy neighborhood hotspot about 20 years ago.

Currently the Loft District is full of West Loop Chicago real estate such as condominiums and lofts versus the warehouses of ages past.  The condos in West Loop Chicago offer light, bright and airy spaces with large windows and unique floorplans.

Chicagos West Loop is very popular for a variety of reasons.  Its close proximity to the Loop, a plethora of dining experiences from fine dining to casual dining venues and plenty of nightlife.

As far as fun things to do in West Loop Chicago, there is something for everyone.  Such as several art galleries, museums, a beach and so much more.  Here are a few of the areas hotspots you may want to experience for yourself:

  • FLATFILE Galleries
  • The Thomas McCormick Gallery
  • Chicago Antique Market
  • Harpo Studios (home of the Oprah Winfrey Show)
  • Chicago Beach
  • Museum of Holography
  • The Tasting Room (a wine bar)
  • Historic Chicago Bar Walking Tour

Or, if youre hungry, you may want to try one of these popular restaurants in the West Loop:

  • Girl and the Goat
  • Next
  • Viaggio Ristorante & Lounge
  • The Publican
  • Carnivale
  • Little Goat

Living in Chicagos West Loop area has so much to offer.  Making your new home in this area will be one of the best decisions youve ever made.

If you would like a list of West Loop Chicago Condos for sale and more information about buying or selling a home, please contact us today.  We would love to help you find your perfect living space.

The Biggest Mistake Sellers Make at a Showing

Anyone who is selling a home wants to make the best first impression with prospective buyers at a showing. Obvious ways to put a home’s best foot forward are to have it clean, well-lit, and free of major distractions like pets or awkward personal items. But one of the biggest mistake sellers can make as they prepare for a showing is simply being in the home.

When a prospective buyer takes the time to schedule a showing, it demonstrates genuine interest in the home. But when the seller is present at the showing, it can deter the buyer from moving forward and seriously considering the home for purchase. Here’s why:

  • It can cut the showing short. When entering a home with their real estate agent, buyers want to feel at ease to look around, open closets and enter rooms. If the seller is present, buyers often feel as though they are intruding and won’t stay as long. The length of time a buyer spends at a showing directly correlates to their level of interest – and if the buyer leaves early, they won’t have an opportunity to fall in love with the home.
  • It hinders the conversation. Many sellers believe the buyer’s agent won’t be able to answer all the questions about the home that could come up during a showing. But many buyers are uncomfortable asking questions of the homeowner, worried that they will offend them with any potentially negative concerns. This results in the buyer having less information about the home, which could reduce the likelihood of a sale.
  • Nobody likes surprises: If an appointment has been made, and the seller informs the buyer’s agent they will not be present at that time, it creates a certain expectation of privacy for the buyer at the showing. When sellers stay home despite the arrangement, or come home unexpectedly during the showing, it can send a negative message to the buyer and disrupt the tour.

Of course, whether you’re putting your home on the market or buying a home in Chicago, one of the most important things you should do is enlist the help of an experienced Chicago Realtor. Contact one of our Related Realty brokers today to get their expert take on the Chicago real estate market!

How to Find Furnish Bargains for Your Roscoe Village Condo

Living in Roscoe Village, Chicago provides residents with easy access to the quiet neighborhoods, amazing restaurants, boutique stores, and easy access to the hustle and bustle of Chicagos downtown via the Blue Line. Shopping for the perfect bargain furniture deals can be as easy as checking out one of the many boutique stores that are located within Roscoe Village. In fact, besides helping you navigate the waters of Roscoe Village Chicago real estate, we have decided to go one step further by providing the following tips for finding furnish bargains:

Tip 1: Go to Praha in Roscoe Village Furnished condos in Roscoe Village are typically decorated with a modern flair for the avant garde. However, before you begin to panic at the potential for costly furniture, be sure to check out Praha. Praha is a second-hand antique furniture store that specializes in finding the perfect wooden desk, retro kitchen table, or even antique bathroom scale. The stores stock constantly changes, so it is best to go with your wallet in hand; but dont worry, items typically cost a very fair price.

Tip 2: Check out Casa Couture Furniture Designs This one of a kind store specializes in turning antiques and other older pieces into modern home furnishings. While the prices of the items tend to be slightly higher than Praha, Casa Couture Furniture Designs is certainly a place to go to find a good bargain. The inventory changes on a weekly basis, so if you find something you like, be sure to grab it on the spot. By purchasing newly refurbished items, you can get a new modern look for typically half of the original designer price.

When it comes to furnishing Roscoe Village condos, we believe that you deserve the best at a fraction of the cost. So whether you will choose Praha, Casa Couture Furniture Designs, or find your own bargain furnishes store, we invite you to contact us for more information on Roscoe Village Chicago Real Estate.