Chitownproperty

Spacious one bedroom in the heart of downtown

Price: $265,000 + 45K for parking
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This spacious one bedroom in the heart of the city has everything a buyer could want… brand new hardwood floors, private balcony, great closet space and large windows. Located in between Lake Michigan, the Magnificent Mile, Navy Pier, Millennium Park and next to the Chicago River, this desirable building has a sundeck, doorman, exercise room, bike room, laundry, cleaners and more.

Rising interest rates are also causing headaches for homeowners who have taken our variable home equity lines of credit. The previously cheap source of money is now becoming more expensive, and many borrowers are trying to decide whether to keep the line open or pay it off from their savings or investments. Tony Proctor from the Sun-Times suggests paying it off if the rate reaches 7 percent, comparable to the 7 percent one could expect to earn on a typical investment.

Buying new construction in the city isn’t all about condos. There are plenty of single-family homes to be found, either as infill or in planned developments. This article from the Sun-Times profiles a handful of these new developments.

Obviously a remodeling project can make a big mess in your house, but it’s probably worth your money to hire one more contractor to do the cleaning, and do it before you move back into the new rooms. Properly cleaning the dust, adhesives, and scraps left behind isn’t just hard work, it takes special know-how to do it right. So spring for that extra $200-300 for a professional cleaning crew; chances are it’s nothing compared to what you just spent on your rehab.

So you bought the house of your dreams, furniture’s set, ceiling fans and blinds installed. Summer is coming, so what’s next? That’s right, you need a $35,000, 16,000 BTU grill with a griddle, hardwood cutting board, two side burners, a warming drawer, bar and sink. No home is truly complete without one.

No matter what your financial situation, if you’re serious about buying a home, you can save enough for a decent downpayment with careful planning, a few modest sacrifices, and a concrete goal in mind.

Unfortunately many people don’t learn that they’ve been the victim of identity theft until they attempt to enter into a real estate transaction. The National Association of Realtors has published a handy guide with a few steps to help prevent ID theft.

Of course anyone remotely interested in real estate saw the Tribune’s headline today. It is a buyer’s market now, but what does that mean? The Trib’s Mary Umberger says:

Homes sell in months, not hours. Prospective buyers actually browse. They drift back for a second look at a place weeks later, confident that it still will be available. They want the price cut. And they get it.

…

Agents see no catastrophic shift from the housing boom times, with homes languishing and prices in decline. The volume of sales appears to be running on a par with last year’s record numbers, and there are still towns and neighborhoods where sales continue to clip along.

What has changed in terms of verifiable statistics is that the inventory of homes on the market has surged, even for the traditional spring selling season. Faced with so much competition, many sellers are being counseled to settle in for a longer wait, and think hard about their asking prices.

She says this is what a “normal” market feels like. No more long lines at developer grand openings, no more triple bid situations, and in the long run it’s probably the best for everyone, especially in a market like Chicago that was never overheated in the first place.

Lincoln Park Bargain Studio
Price: $125,000

Great studio in the heart of Lincoln Park. Perfect starter home or investment opportunity. Hardwood floors, open kitchen, laundry in building plus extra storage. Rental parking options in the neighborhood. Tenant occupied until June 1, 2006.