Tag Archives: Chicago real estate

5 Things To Look For In A Chicago Condo

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chicago-condo-tipsChicago real estate is full of a wide array of interesting properties that reflect the diverse communities the city has to offer. It is a city of neighborhoods, each with its own special brand of flavor and culture to fit any taste. With such an eclectic selection to choose from, looking for just the right condo to call home can seem overwhelming.

Here are our top 5 things to look for when choosing your new condo:

  1. Neighborhood. Before you even get going, you want to really study the city and decide which neighborhoods you would feel most at home in. This choice might be based on proximity to work or the demographics of the area.
  2. Parking. As with most cities, parking can be a huge issue. Even if you dont drive, it still might be problematic for guests that come visit and should be something you consider before purchasing.
  3. Transit. One big perk to Chicago is the transit system. Even if you dont currently use it, you might find a local el or bus is a much better way to get across the city at rush hour.
  4. Building Maintenance/Homeowners Associations. Many condos have Homeowners Associations, so youll want to really pay attention to their rules and regulations before committing to a purchase. You also want to pay special attention to the maintenance in the common areas of the building.
  5. School and Park Districts. While buyers who dont have children often pay little attention to the school district, its something to consider when purchasing because it will have a direct effect on the resale value of the property. Park districts are also important, especially if you want to join in local events and participate in activities.

To find out more, contact your Related Realty Chicago realtor today!

7 Tips to Minimize Home Buyer Stress

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home-buyer-stress-chicago-real-estateBuying a home is one of the biggest investments you can make. Though it should be an exciting and enjoyable experience, the process can sometimes be overwhelming, especially with the number of options you have when looking for a Chicago condo or house.

Here are some tips to help minimize stress when buying your first home:

1. Define what you’re looking for.

Before you start your search, decide what is most important to you in buying a home.

2. Find and work with an experienced Chicago realtor.

You can only do so much research yourself. Find an experienced realtor to help you find Chicago real estate.

3. Research your financing options.

Before you begin looking at homes, have a good understanding of your personal finance and know your options for financing your new home.

4. Realize that you can make improvements.

Don’t worry about finding the “perfect” home. You can and will make some adjustments and upgrades along the way.

5. Try not to fall in love with the first neighborhood you visit.

There are a lot of great neighborhoods in Chicago, but how can you know if it’s the right one until you have others to compare it to?

6. Take notes and photos when looking at properties.

This makes it easier to decide which homes work best for you after you’ve had the chance to walk through a few.

7. Re-visit your top picks before purchasing.

Take another look at the homes that you liked best before making the final decision.

Are you a first time home buyer looking for a Chicago condo or house? Let us help you make the most of your first home buying experience. To find out more, contact us today.

Find your Personal Spaces in the Windy City

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Chicago has a public face and a skyline that are famous worldwide; but living in Chicago means you can search out the private spaces and more personal delights; you can even order a thin crust pizza at local eateries all around the town!

You wont escape the skyline or the architecture, just as water influences a lot of the life in this world-class city, the third largest in the country. But life in Chicago is not all high rise buildings and Lakeshore Drive. As you search for Chicago real estate, keep an eye out for elusive attractions they exist in abundance in the Windy City.

The hidden Lurie Garden in Millennium Park, for instance, hides behind a stand of 15-foot trees to provide an oasis of calm tucked into a pocket space at the renowned public art park. So, go ahead and take a picture of the bent skyline reflected in the Bean, and then enjoy thriving perennials and natural grasses that will give you a new perspective on life.

Redefine shopping by heading for Randolph Street Market rather than the Magic Mile. You can order brand name merchandise on line, but at the market you will actually meet, talk with vendors and bargain for local treasures. What could be more fun?

Admire the immense Tiffany stained-glass dome at the Cultural Center and take advantage of free or inexpensive performances and always-changing exhibits.

Condos for sale in Chicago run the gamut of styles, sizes and price points: Luxury is yours if thats what you prefer. Find a modern loft in a historic building if that better fits your needs. Or opt for views, convenience or traditional charm if those are your top priorities. Your Chicago realtor will be able to steer you to the neighborhoods, the amenities and the ambience that will fulfill your dreams.

Then, set out to explore your city. Drink in the views from the top of the Hancock or Sears Tower; see the skyline from a different vantage point as you learn the citys history on a river cruise, and by all means watch the fireworks over Lake Michigan from Navy Pier. Then leave the big names to the 47 million tourists who visit Chicago each year, and find your own favorite spaces and places. There are plenty of them to discover.

We can point you in the right direction to find your Chicago home as well as your local hangouts. Contact us today.

Guide to Chicago’s Must-see Architecture

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chicago-architecture-real-estateChicago is home to prominent buildings with unique architecture, among many other attractions. “Chicago School” architecture, also known as the Commercial Style, was used in tall, steel-frame buildings at the beginning of the 20th century. The 1940s saw the evolution of a Second Chicago School that brought new systems and technologies like the “tube-frame structure” to the city’s skyscrapers.

Despite the famous style names, Chicago’s buildings display a wide range of techniques and styles. When you’re shopping for condos for sale in Chicago, be sure to check out these must-see architectural attractions.

Willis Tower

Formerly known as the Sears Tower, the iconic building was the world’s tallest at construction in 1973 and remains the tallest in North America.

Marquette Building

Built in 1895, the Marquette Building features signature “Chicago windows” consisting of large glass panes with narrow sashes to each side.

Frank Lloyd Wright Home

Home to the acclaimed architect for 20 years, the Frank Lloyd Wright house was built in 1889 for $5,000 and launched Wright’s career.

Old Colony Building

The distinctive Old Colony Building was considered a forebear of modern skyscraper design and used glass extensively.

How to learn more

The Chicago Architecture Foundation provides educational programs, including the current online exhibition “Skyline Stories.” Your Chicago Realtor also can point you to additional must-see architecture in the city.

To find out more about Chicago real estate, contact us today.

Streeterville Real Estate: Chicago Spire Site in the Hands of Related Midwest

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Related Midwest Takes Over Chicago Streeterville Spire Building Site

It has been an exciting week for Related Midwest and Streeterville real estate as a whole! WeChicago Real Estate Streeterville Spire Building Site are pleased to announce that Related Midwest has successfully acquired the former site of the Chicago Spire located at 400 N Lake Shore Drive. There has been a lot of buzz around the site that has sat dormant since 2008 as a giant hole in the ground and we look forward to what’s ahead.

Related Midwest President Curt Bailey stated Tuesday: We are pleased to have resolution on 400 N. Lake Shore Drive, the site of the former Chicago Spire project,” and “We recognize the importance of this site to the City of Chicago and look forward to creating an architecturally significant and thoughtful development befitting this premier location.”

Read the full story on this future of the Chicago Spire building site and its impact in Streeterville here.

Foreign Buyers Guide: How to Buy a House in Lincoln Park

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global-real-estate-adviceBoutique shopping and high-end retailers, fine dining, coffee shops, scenic parks and dynamic night life help establish Chicago’s affluent Lincoln Park neighborhood as one of the country’s most desirable areas.

Many educated, high-income young people — both singles and couples — call Lincoln Park home. Families with children tend to settle in the less-dense areas farther from Lake Michigan.

Upscale real estate

Lincoln Park Chicago real estate is priced at a premium, with a typical single-family house selling for approximately $1 million and some homes selling in excess of $10 million. Forbes magazine in 2007 described a block in the Lincoln Park neighborhood — between Armitage Avenue and Orchard, Burling and Willow streets —  as Chicago’s priciest. Rental apartments and homes range from a little under $1,000 a month for a studio or one-bedroom to more than $4,000. A Lincoln Park Chicago realtor can help with finding the right location and space.

Many attractive amenities

Homes for sale in Lincoln Park Chicago have access to numerous appealing amenities, including a lovely park of the same name as the neighborhood, Lincoln Park. The scenic public park, Chicago’s largest, occupies more than 1,200 acres along Lake Michigan. It includes a zoo, beaches, several museums, a golf course, archery range and numerous recreational and natural areas.

To learn more about available homes in Lincoln Park, Chicago, please contact us today.

Top 5 Bars in Chicago To Watch Blackhawk Games

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chicago-blackhawksOne thing not every Chicago real estate agent will tell you is where the best sports bars are, but they should, because Chicago is renowned for its pubs and enthusiasm for sports. All over the city there are homes for sale in Chicago, so settling for a Chicago property in an area without a decent night life is a mistake.

The 5 most famous sports bars in Chicago are that promise to show Blackhawk games are:

1) Harry Carays One of the nicest sports bars in Chicago, Harry Carays is almost as famous as the man from it got its name. They do on and off site catering, weddings, and there is a Chicagos sports museum in the bar.

Do not make the mistake of thinking that it is a sports bar that just shows baseball. Harry Carays is just as wild about hockey.

2) Smoke Daddy Serving the best BBQ in Chicago, they also cater to sports fans, particularly Blackhawk fans. While Smoke Daddys catering is as popular as the bar, the bar is certainly one of the more impressive in Chicago.

3) Michaels Serving some of the best pizza in Chicago and that is saying something Michaels also has an affinity for making certain the Blackhawks games always dominate the televisions.

4) Duffys Located in the North Side, Duffys is all about sports and atmosphere. While adamant about their Wolverines, Duffys is a great place to check-out a Blackhawks game.

5) Stocks and Blondes Old school Chicago at its best, Stocks and Blondes is between West Side, North Side and South Side. A beautiful little bar on 40 N. Wells, it is as good as any in Chicago for watching the Blackhawks.

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

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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?

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Old Town Chicago real estateIf 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 www.condolifenow.com. 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.

The Biggest Mistake Sellers Make at a Showing

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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!