Chicago Condo Directory

November 5, 2009 - There is at least a little good news for Chicago condo buyers. Back in the summer, FHA stated that they were changing the rules on their approval process for new Chicago real estate developments with condos. The new rules would have gone into effect on October 1st of this year. FHA had then pushed the changed back to November 2nd and now has announced that it will be December 7th before they go into effect. Also, according to an Inman news release, some of those new rules regarding approval will not be as limiting as they first announced.

FHA had planned to cut down on the amount of approved condos loans in any one building. They would go down from 50% to only 30% of the total. But they have decided to reverse that decision and will keep on approving as many as 50% of the loans in a building and if the building is “well established” FHA could back 100% of the units with at least a 10% reserve. However, the rule that 50% of the condos in a building have to be owner-occupied still applies.

Another new rule that would have gone into effect was that all FHA approved condo buildings would have to be re-certified once every two years. That rule alone could have potentially drastically slowed down or even completely derailed many condos sales because of the extended wait period. But FHA amended that change to state that condo buildings that have already been approved will not have to be re-certified.

More developers are applying for FHA approval in an effort to make it easier for buyers to get financing, so this has to be good news for them. The list of Condos In Chicago that are already FHA approved keeps getting longer, so buyers have a pretty good choice of units available.

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October 5, 2009 - More Chicago real estate developers are either teaming up with lenders to offer mortgages at reduced rates or making the offer on their own to boost condo sales. The Brixton Group is one of those developers taking the initiative and right now they are partnering with MB Financial Bank and advertising 95% LTV financing at CA23 for buyers who qualify.

MB has been offering interest rates of as low as 3.875% on 30 year loans with a 20% down payment and 4.375% on 30 year mortgages with a 5% down payment.

CA23 is located on 23 North Aberdeen in the West Loop and will have a total of 48 condos with two to four bedroom layouts. Phase one is nearly sold out, but there are still a few units available. Prices on these condos run from the mid $640,000s and can exceed $1.45 million.

Unit features include hardwood flooring, carpeted bedrooms and natural stone in the kitchen and baths. TGI Premiere cabinets with stone counter and vanity tops, Fisher & Paykel appliances and Grohe and Toto faucets and fixtures are installed. Kitchens come with a stainless steel sink and baths have a white porcelain sink.

Ceiling heights at the CA23 condos are pretty impressive, ranging from 11′ to 22′. The units measure from around 1,900 to 4,000 square feet. Another unique feature is that every condo has private elevator access.

If you’re worried about financing, you may want to check out what CA23 has to offer. And you also may want to check into the growing number of Condos In Chicago that have gotten FHA approval, which would mean a low down payment and interest rate if you qualify.

Technorati Tags: CA23, Condos In Chicago, Chicago Real Estate

September 17, 2009 - Quite a few buyers have taken advantage of the increase in bank-owned Chicago real estate for sale and the growing number of foreclosure auctions. In fact, much of the increased activity in the housing market is from short sales and distressed properties. This trend is likely to continue for some time yet, as the latest stats show that although the number of August foreclosures in Illinois is up 22% from the same month last year (2008), but is down 10% from July of this year (2009). A recent Crain’s report states that Illinois ranks as the 10th highest state for foreclosures.

The national mortgage prevention program that the government launched in an effort to stave off so many filings isn’t doing well either. The Treasury Department recently confirmed that just 12% of those who would qualify for help with their mortgages have applied. The government program set aside about $75 billion to help keep homeowners in their homes, but as of yet it hasn’t made much of a difference.

Interestingly, another report from the Daily Herald said that those most likely to walk away from a mortgage on new Chicago condos or homes aren’t buyers with lower credit scores. Buyers who have higher scores are about 50% more inclined to make the decision to default on a mortgage if the condo is seriously losing value. This could be another factor affecting the participation levels of the national mortgage bailout plan.

In any case, if you are looking to buy a new home, there are plenty of Chicago Condos For Sale that aren’t foreclosures or short sales.

Technorati Tags: Chicago Condos For Sale, Chicago Condos, Chicago Real Estate