Chitownproperty

Some homeowners are beginning to feel squeezed by payments on their variable rate home equity lines, especially after two years of interest rate increases by the Fed. Traditionally, they had two options: refinance their first mortgage and take out another credit line to pay the first, or sit tight and try to make the payments as best they can. But now, though they aren’t publicizing the fact, most lenders will convert a variable rate line of credit to a fixed loan. The new fixed rate loan may or may not guarantee lower rates and payments instantly, but it can give borrowers greater certainty about their montly costs.

Three bedroom duplex down in Bucktown

Price: $464,900
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2300 square feet of incredible space! This Bucktown three bedroom two and a half bath, duplex down is gorgeous! The spacious living room features a wood burning fireplace. Granite and stainless steel appliances are ingredients in this generous kitchen. Step into the oversized master bedroom and pamper yourself in the luxurious bath which includes limestone, whirlpool tub, separate shower and body sprays. The colossal family room has stereo surround and plenty of space for entertaining. Washer dryer in unit as well as garage parking included. Two outside spaces include a front patio, and a private back deck. Magnificent space, truly impressive!

Today’s Tribune features an editorial about the mindset of locking yourself into a 50-year mortgage. That’s right: 50 years, i.e. 600 payments. As the article points out, for the average homebuyer, that means you’d pay it off just in time to shop for a retirement home.

The point of the piece isn’t that you need to plan ahead 50 years, but that if the only way you can afford to buy a home is to spread the payments out over a half-century, then maybe you should think twice. It’s part of a growing sentiment that creative mortgage vehicles, whether exotic interest-only adjustable rate loans or lifetime committments like this one, are a big part of the reason that the housing market is at a crossroads. Many people have convinced themselves that they must buy a home at all costs, even when they can’t really afford it, and find themselves in financial straights later if they property’s value doesn’t appreciate rapidly enough. Remember, the feeling of comfort from a new home doesn’t just come from its physical qualities, it also comes from the financial security of a good investment.

28th Floor with Amazing Views

Price: $239,900
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Come see the amazing views from this 28th floor, 1 bed/1 bath condo in stellar building. Premier tier: walls of windows surround this southeast corner facing condo w/ expansive views of the city and lakefront. Balcony. Great closet space. Bring your rehab/decorator ideas – amazing potential! Walk to transportation, restaurants and lakefront.

Two bedroom condo in the Cinema Lofts

Price: $399,900
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Spacious and bright 2 bedroom 2 bathroom condo in popular Cinema Lofts. This large unit has ample space for living and dining areas, is wired for surround sound, and has a cozy fireplace, pristine hardwood floors, and laundry. A fantastic balcony with views of the skyline and Wrigley Field is right off the living room. The kitchen is perfect for entertaining with granite countertops and maple cabinets, large wrap around island, and convenient pantry. The master suite has a walk-in closet, oversized window and a marble master bathroom complete with dual shower heads and Jacuzzi tub. Cinema Lofts is a full amenity building with doorman, exercise room, rooftop deck & cable included in the assessments. Its great Lakeview location is just steps from the “el”, restaurants, and shopping. To top it off, storage and 2 separate garage parking spots are INCLUDED in the asking price!

The recent housing market boom is winding down, but that means now it’s time for someone to take the fall. Who’s to blame for creating the irrational exuberance about real estate? Well, pretty much everyone. As the Tribune’s Mary Umberger explains, the finger can be pointed at just about anyone involved in the real estate markets, from economists to the media to brokers, lenders and customers themselves. The National Association of Realtor’s chief economist David Lareah was surprisingly candid in his assessment.

We’re in transition from a seller’s market to a buyer’s market, and that transition is costly. When that happens, there’s always a big drop in sales volume because the seller is stubborn.
…
I’ve been wrong for three years in a row. I’ve said we’re about to get a correction. For three years, I’ve said, `This is the year that sales will come down.’ But now, it’s not because mortgage rates went up, it’s because of the psychology of the marketplace. The prices just got too high.

Two bedroom loft just steps from the Loop

Price: $274,400 + $30K parking
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Enjoy the luxury of walking to work from this unit just steps from the Loop. Awesome 1000 square feet one bedroom plus den concrete loft. Unit features hardwood flooring, custom paint and window treatments. Huge master suite with organized closets and soaking tub. The den is open to the living room and can easily be enclosed to create a second bedroom. Kitchen boasts 42” maple cabinets and black appliances. Spacious living area with east facing balcony. No wasted space. Garage parking $25K. This is a must see!

On October 7, the city will be sponsoring a showcase of more than 35 mixed-income housing developments, ranging from Rogers Park on the north side to West Pullman on the south side. The tours will include model units from $139,000 to $800,000. The developments have been partially funded by the government, which supports so-called “affordable units” or “workforce housing,” homes that have been made available to qualifying buyers at set rates.

Tours begin from the UIC campus at 750 S. Halsted. Each tour is three hours, visiting one of five areas of the city. For more information, go to the Calvalcade of Homes website.

Not every home upgrade pays off when you try to sell your home. In fact, a few can actually hurt your resale value. Don’t get mad at your boss for cheaping out on the holiday bonus this year, you might not have wanted that pool anyway. The top four downers:

• Swimming pools
• Poorly-designed additions
• Trendy kitchen finished
• Jacuzzis