Chitownproperty

West Loop condo with fabulous deck

Price: $345,000 + 30K parking
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With its enormous 600 square foot private terrace, this two bedroom, two bathroom home is truly special. The terrace, accessible from every room, is big enough for cooking and dining, relaxing and playing. The interior space is wonderful as well. A gracious foyer leads you to the large kitchen that is finished with granite and stainless and has an extended peninsula with room for many bar stools. The kitchen over looks the spacious living room with oversized windows, high, concrete ceilings, fireplace and room for a small dining table. This condo is finished with hardwood floors, newly remodeled baths, new carpet and custom paint throughout. Both bedrooms are fully enclosed and the master bedroom is especially large with a gorgeous master bath with double vanity and the finest finishes. Closet organizers, in-unit washer/dryer, extra storage and a prime garage spot for 30K. Located in the heart of the West Loop; steps to transportation, loop, restaurants and shops and newly proposed neighborhood park

Realty Times – In a Down Market, Pricing Needs to Get Out Ahead of the Curve

The hardest part about a declining or stagnant market is deciding where to set your asking price. In an “up” market, this was easy: you could look at recent sales of similar homes and set your price a little higher. But when things are moving in the opposite direction, how do you know where to start?

In the book Shift: How Top Real Estate Agents Tackle Tough Times, author Gary Keller says the same logic applies. Sellers in a down market have to get ahead of declining values and set their asking prices where they will attract offers, and this often means lower than recent comparable sales. As Bob Hunt says in his review of the book for Realty Times, “If you fail to get ahead of the market when the market is in decline, the consequence is not that you simply receive a lower price; the consequence is that you don’t get a sale at all.”

Unique floor plan in the West Loop

Price: $369,900 + 28K parking
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Welcome home to this gorgeous unit with a highly desirable floor plan in a fabulous building. In the heart of the West Loop, this chic home comes with the finest finishes throughout and a split floor plan unique to the area, with two fully enclosed bedrooms, each with large windows. This home is one of few in the building with a large terrace for lounging and gardening, facing west, away from the street, creating a very quiet and serene space. High concrete ceilings provide for excellent soundproofing within the unit as well. Dark hardwood flooring and high end finishes in the kitchens and bath make this home feel sleek and brand new. The master has a huge walk-in closet and nook, ideal for a sitting area. Fabulously run, financially sound building with workout room and part time door person keep the assessments low and make this a secure investment. Heated, deeded
garage spot for 28K. Short walk to the Loop and steps to transportation, this West Loop location has it all. Built well, decorated beautifully and kept in pristine condition for the most discriminating buyer.

There is a fair amount of confusion about the new $8,000 tax credit available to qualifying first-time home buyers. In the past, first-time buyers could get a $7,500 credit, but it had to be repaid to the government over time. The new credit does not have to be repaid, and can be claimed on either your 2008 or 2009 tax return. For instance, if you bought a home for the first time in 2008, but have already filed your taxes without taking the credit, you can claim it on your 2009 returns. Essentially, it is a one-time gift from the government toward the purchase of your first home.

The video above from the Illinois Association of Realtors explains the tax credit in more detail, as does Mary Ellen Podmolik in her weekly column in the Chicago Tribune.