Monthly ArchiveJuly 2011



chicago-condos & Chicago Real Estate pcherry on 06 Jul 2011

One East Delaware Apartments For Rent

July 6, 2011 - We havne’t talked a lot about Gold Coast Chicago condos for rent, so we thought we’d focus this post on One East Delaware. This units in this tower have been newly remodeled and feature floor-to-ceiling bay windows that frame city views, have updated kitchens and lots of closet space. There is a fitness center, 24 hour doorman, indoor parking and lower level retail that includes a gourmet grocer, Starbucks plus a salon and spa.

The One East Delaware apartments currently up for lease are listed below. Right now you can also get $100 off your first full month’s rent.

Studios
Unit #11A / 540 sq ft / $1,395 - $2,105 per month / Available 08/29/2011
Recently remodeled kitchen and bath plus private balcony.

Unit #15A / 540 sq ft / $1,395 - $2,105 per month / Available 09/03/2011
Recently remodeled kitchen and bath plus private balcony.

Unit #28A / 540 sq ft / $1,470 - $2,180 per month / Available 09/03/2011
Recently remodeled kitchen and bath plus private balcony.

Convertibles
Unit #32K / 700 sq ft / $1,725 - $2,215 per month / Available 07/08/2011
Recently remodeled kitchen and bath plus private balcony.

Unit #31E / 700 sq ft / $1,750 - $2,510 per month / Available 08/17/2011
Recently remodeled kitchen and bath plus private balcony.

Unit #26E / 700 sq ft / $1,675 - $2,305 / Available 08/24/2011
Recently remodeled kitchen and bath plus private balcony.

One Bedroom / One Bath
Unit #33H / 735 sq ft / $1,830 - $2,825 per month / Available 09/08/2011
Recently remodeled kitchen and bath plus private balcony.

Unit #21D / 820 sq ft / $2,010 - $2,545 per month / Available Now
Recently remodeled kitchen and bath plus private balcony.

Unit #14J / 820 sq ft / $1,910 - $2,695 per month / Available 08/05/2011
Recently remodeled kitchen and bath plus private balcony.

Unit #08D / 820 sq ft / $1,985 - $2,770 per month / Available 08/06/2011
Recently remodeled kitchen and bath.

Two Bedroom / Two Bath
Unit #23G / 1040 sq ft / $2,415 - $3,765 per month / Available 09/03/2011
Recently remodeled kitchen and bath plus private balcony.

Unit #20B / 1040 sq ft / $2,495 - $3,980 per month / Available 09/07/2011
Recently remodeled kitchen and bath plus private balcony.

Unit #21B / 1040 sq ft / $2,530 - $3,750 per month / Available 09/27/2011
Recently remodeled kitchen and bath plus private balcony.

Be sure to check back with us tomorrow for the latest news about Chicago condos for rent.

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chicago-condos pcherry on 05 Jul 2011

Your Rights As A Tenant In A Foreclosed Building

July 5, 2011 - Yesterday we told you that a report from the Lawyers’ Committee for Better Housing that was highlighted in the Tribune found that 17,467 Chicago apartments were hit with foreclosure last year (2010). Today we’ll talk about some of the reasons why Chicago foreclosures happen and what you can do if it happens to your building.

The federal Home Affordable Modification Program is a good way for owners of Chicago condos who are in danger of foreclosure to get their loans modified, monthly payments lowered and sometimes even interest reduced. But as the article and report point out, investor-owned units that are not owner-occupied can’t apply for this program.

Another reason that an apartment building could fall into foreclosure is because when a neighborhood becomes littered with foreclosed buildings, fewer investors are willing to come forward and take over a loan or buy the building. They are usually afraid that tenants won’t rent an apartment in what looks like a declining neighborhood.

The last point the report made is that some lenders and property managers will try to force out tenants in buildings under foreclosure. That just causes the building to be less attractive to a potential investor.

If you are leasing an apartment in a building facing foreclosure, you do have rights. Under the Illinois Mortgage Foreclosure Law, as long as you are up to date on your rent you have a right to have the terms of your lease honored or at the very least have 90 day’s notice before you have to move. The law also requires that renters be notified in writing if their apartment building changes ownership. And these foreclosure rules apply to both Chicago apartments and single-family homes that are being leased.

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chicago-condos & Chicago Real Estate pcherry on 04 Jul 2011

Apartment Building Foreclosure Rate 15% In Some Neighborhoods

July 4, 2011 - One downside of rental Chicago real estate that isn’t talked about a lot is the potential for foreclosure. Tenants who have always been current on their rent can be blindsided when their apartment building goes into foreclosure. A new article in the Tribune highlights a report from the Lawyers’ Committee for Better Housing. It found that last year (2010) there were 5,904 forclosure filings against Chicago apartment buildings. That adds up to 17,467 apartments that were involved. Foreclosure filings against apartment buildings this year (2011) are down somewhat, but the report attributes that to the whole foreclosure fiasco, investigations and temporary halts of last year.

The report also found that most of the apartment buildings hit with foreclosure are on the West and South sides of Chicago. Those are the same areas that have the most single-family home foreclosures. Over 10% of rental units in 20 Chicago neighborhoods were hit with foreclosure in 2010. The neighborhoods of East Garfield Park and Avalon Park score higher with a 15% Chicago foreclosure rate last year.

Tomorrow we’ll go over some of the factors that could cause an apartment building to fall into foreclosure and what your rights are if the building you live in does go into foreclosure.

In the meantime, if you’re looking for a new home, there are still plenty of Chicago apartments for rent.

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