Chicago Condo Directory

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.

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June 8, 2009 - The latest Chicago real estate developer to advertise purchase perks for buyers is C.A. Development. The incentives include both mortgage breaks and unit price reductions on three of their projects. Those developments are the Residences of Old Irving Park, Edgebrook Glen and Mayfair Crossing, according to a recent article in the Tribune.

If you qualify to purchase a home at one of these developments, you can take advantage of the “Home Buyer Stimulus Program” where you’ll get a mortgage buy down which will reduce your interest rate to only 4 percent for the next two years. You can also opt to go for six months of free mortgage payments that include principal and interest or grab $15,000 for closing costs on one of the homes. Also, C.A. is willing to ink 5.5 percent interest rate jumbo loans to qualified buyers, according to the article.

Price reductions at some of these developments have been significant, with some $1.15 million homes now being listed for $535,000. The Residences of Old Irving Park website states that there are only two oversized lots left for sale for their single-family homes and that the decorated model is also currently for sale.

Edgebrook Glen on 5200 West Armstrong is a complex of 64 single-family homes with 13 different designs, located next to the Indian Woods Forest Preserve. Finishes include wood burning fireplaces, cherry cabinets, stainless steel appliances, granite counter tops, soaking tubs and attached two car garages.

At Mayfair Crossing on Kilpatrick Avenue you’ll find a group of homes that have from three to four bedrooms, 2.5 to 3.5 baths, 9′ ceilings, wood fireplaces, large kitchens and great rooms, soaking tubs and extra storage space.

You can also find some other great Chicago Townhomes in our development pages if none of these single-family homes and townhomes are what you’re looking for right now.

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May 29, 2009 - We can add two more Chicago real estate developments to the list of FHA approved projects. With Chicago condo sales still down there will probably be more projects that seek FHA approval to entice first time buyers who qualify with the low 3.5% down payment. But for now at least the two latest towers to jump on this trend are Opera Lofts, which is also offering rentals, and Emerald.

Opera Lofts is located on 2545 South Dearborn Street. The converted former storehouse for the opera props has a pretty good selection of one to three bedroom lofts for sale and rent. The units vary from around 830 to 2,912 square feet and floors 3 and 5 have the most units with 33 per level. Those floors also have the highest occupancy, with floors 4, 6 and 7 having fewer units and fewer residents so far. Prices run anywhere from $239,900 to $890,000 and rents are set between $1,300 and $3,000 per month.

Finishes at Opera Lofts include oak hardwood floors, 13′ to 30′ ceiling heights, traditional exposed ducts and timbers, GE stainless steel appliances, granite counter tops, marble baths and 6′ tubs. The building has a dog run, bicycle storage area, garage parking, fitness center and landscaped roof deck.

At Emerald on 123 Green Street, just over 60% of the 212 condos are under contract in the two 12 story towers. There have been no big price breaks at Emerald, and in fact that is developer’s plan to reassure buyers that their condo won’t suddenly be devalued. The units at Emerald are pretty much still in the $270,000s and up for the one bedroom units and the $629,000s and up for the two bedroom units. In keeping with the who eco-friendly theme, free parking is thrown in with the bigger condos but residents of the one bedrooms will have to pay an additional $35,000 for a garage space. The two towers sport the standard amenities of fitness center and furnished lobby with dining room and bar for entertaining.

Remember to check back with us often to find out all the latest news about Condos In Chicago.

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