Chitownproperty

Urban lifestyle a big draw for buyers in West Loop

The West Loop is no longer just Oprah’s ‘hood. It’s known as a condo loft market, but as more people move to the neighborhood and start families, it has started to fill in with townhomes and further develop its retail and commercial amenities. The Tribune’s feature on the West Loop this week highlights some of the developments going on in one of our favorite neighborhoods.

West Loop townhome

Price: $750,000
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This newer town home complex was built by the reputable Belgravia Group and sold out about 2 years pre-construction. One of first re-sales of its floor plan now available, this wide town home is located in the inner courtyard with a patio that overlooks the lush, professionally landscaped grounds.  Completed with the finest finishes throughout which include: mahogany stained hardwood floors and cabinets, up-graded carpet, 1 ¼ inch granite, stainless steel appliances and marble baths.  This home boasts 10 ft. ceilings, large room sizes with 3 walk-in closets, custom paint, window treatments, and lighting throughout. A sizeable office nook is located on the 3rd level near the second and third bedrooms. The luxurious master is located on the top floor with a spa like bathroom with marble, Jacuzzi tub, separate shower and double bowl vanity.  A private sun deck is situated off the master in addition to a front patio as well as a balcony off the kitchen ideal for grilling.  An attached, heated, 2-car garage completes the package.  A wonderful community feel!

Buying vs. renting, or cost vs. time — chicagotribune.com

Since the slumping home market has changed the equation determining the benefits of buying or renting, the Tribune is taking a fresh look at this age-old question. Prices are generally lower now, meaning it might be a good time to buy, but a tight credit market also means that buyers, particularly young people with little credit history, may have a harder time financing. Plus, overall energy cost increases mean that utilities and some repairs may cost more, adding to a homeowner’s responsibilities, whereas a landlord may pick up the tab for such things.

The best rule of thumb, as mentioned in the article, is to consider how long you will live in a particular place. In the past, three years was considered long enough to make it worth buying, but now that has gone up to five years.

Top 100 markets forecast: Where home prices are headed next

CNN/Money reports that housing prices should continue to decline in 75 of the top 100 U.S. markets over the next 12 months. As of May 2008, Chicago’s median home price is $279,000, a 29.2% increase in the past five years. However, this is expected to drop by 6.8% by next May.

In a recent survey conducted by Coldwell Banker, 78 percent of its agents reported that their clients have indicated more interest in living in the city instead of the suburbs because of higher energy costs.

The overwhelming reason for this change of heart is to reduce commuting costs, but a majority of those surveyed also cited the convenience of public transportation and being able to walk for services and entertainment. Another 84 percent of the agents said clients were looking for homes with a dedicated home office, so they could telecommute and work from home.

While this may mean more competition for buyers, increased interest in urban living is good news for homeowners in the city, as their homes’ proximity to business, services, and nightlife becomes more desirable.

River North timber loft

Price: $399,900
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Welcome to an amazing River North timber loft with 20ft. ceilings.  This corner unit is surrounded by oversized windows with amazing light and south/east city views.  The home features exposed brick, beautiful hardwood flooring, wood burning fireplace and an additional lofted space in the second bedroom.  The kitchen is outfitted with 42” cabinets, sleek granite and a large breakfast bar. The unit also includes a south facing balcony.  There is a gracious foyer, large bedrooms, and in-unit washer/dryer. Attached garage parking is INCLUDED, as well as a larger storage space.  This rehabbed loft building is professionally managed, has a common roof deck, and is sited in an amazing location close to everything.

Is it worth it to redo kitchen? — chicagotribune.com

One of the most common questions sellers ask us is whether or not they should remodel their home before putting it on the market. The kitchen is an obvious target because it has the most features that are susceptible to changes in style and taste. Trends come and go for stone countertops, finishes on cabinets, and the look and features of appliances, and after a few years sellers may be afraid that their choices will limit market appeal.

The article linked above refers to a 2007 report from Remodeling magazine that compares the cost of remodeling projects to the amount they add to a home’s resale value. On average, mid-range kitchen remodels add 83 percent of their cost to market value, while major remodeling jobs add 77 percent.

We always tell people to consider how much they will enjoy a particular upgrade while living there, and for how long. If you are planning to move soon, you may be better off saving the money. But if you’ll be able to live in the house and enjoy a new kitchen for a few years, the cost may be worth it.

Spacious two bedroom in Bucktown

Price: $399,900 + 30K parking
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This wide and spacious 2 bedroom, 2 bath Bucktown home faces south, overlooking a park. The unit’s foyer leads to a large living/dining room with a sleek wood-burning fireplace and access to a large deck, perfect for entertaining. The kitchen is open to the living space and finished with cherry cabinets, black granite and stainless steel appliances. The master bedroom has a custom organized walk-in closet and access to a second large deck. The marble baths are both beautiful, and the master includes an oversized tub and separate shower. In a newer elevator building, this home has high ceilings, hardwood floors, washer/dryer, and central air. Walk to the el and all that Bucktown and Wicker Park have to offer. Garage parking spot $30K.

Two bedroom in Southport Corridor

Price: $399,900
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Extra wide 2 bedroom/ 2 bath in an intimate building on a large corner lot in the heart of the Southport Corridor. This condo boasts beautiful finishes which include: hardwood floors throughout, an open kitchen with 42” maple cabinets, granite counters and stainless steel appliances. The living area has large windows, wood burning fireplace, with ample dining space. Bedrooms include organized closets and master bath with natural stone, double vanity and whirlpool tub. There is a large rear deck off of the second bedroom-perfect for entertaining. In-unit washer/dryer, extra storage, and garage parking complete this beautiful home.

Two bedroom, recent rehab corner unit

Price: $299,900
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Beautiful and bright two bedroom, corner unit in a recently rehabbed courtyard building. Located on a tree-lined street, close to neighborhood restaurants and the el, this home is flooded with light. The spacious living room with exposed brick walls includes a fireplace and opens to the sunroom/dining area. The kitchen is finished in sleek cabinets, stainless steel appliances and granite countertops. The bath is slate and marble complete with Jacuzzi tub. Other features include hardwood floors, tall ceilings, custom paint, in unit laundry, extra storage & a back deck. Rental parking options for $40-60/month.

Wrigleyville two bedroom

Price: $259,900
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Beautiful, sunny, south-facing 2 bedroom, 1 bath condo in great vintage building in the heart of Wrigleyville and the Southport Corridor.  Recent complete gut-rehab with all of the finest finishes – new hardwood floors throughout, 42” cherry cabinets, granite counter with under-mounted sink, black appliances and cute breakfast bar. This home has custom paint and sharp moldings throughout.  Additional features include an in-unit washer and dryer and huge private storage space.  Great location offers transportation, shops and restaurants.  An off-site deeded parking spot is available for purchase or rent.

What to know before choosing a developer — – chicagotribune.com

The Tribune posted a nice guide this week for how to perform due diligence on a developer if you are buying a new home, with tips for checking up on their track record and history with the city, pricing selections, and warranty items.

Even in this climate, there’s no rule like an old rule — — chicagotribune.com

This week’s Tribune has a useful article about how longstanding “rules” of real estate still apply, even in today’s changing market. Buyers and sellers can count on certain maxims to get the best deal, regardless of the financial environment, including:

• You should always shop around for mortgages
• The right initial price is the key to selling
• Negotiate every offer

Zillow.com has just released their quarterly home value reports for major metropolitan real estate markets. The good news is that home values didn’t decline in the Chicago area as much as they did in the rest of the country. The bad news is that they did decline 5.8 since the first quarter of last year. The national average was an 8% decline.

What’s interesting is that numbers like this, plus the constant drumbeat of news coverage about declining home value, don’t seem to change people’s opinions of the value of their own home. According to another survey by Zillow, 72% of homeowners believe their home increased in value over the past year, while only 25% of homes actually did so.

Three bedroom duplex with all the finishes

Price: $449,900
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Spectacular duplex home with outstanding finishes! Enter this huge three bedroom, three bathroom home to find a living/dining room with cherry floors, a woodburning fireplace and a front terrace. The high-end kitchen has beautiful dark cabinets, stainless appliances and a granite countertop that wraps around to a breakfast bar overlooking the living space. The master bedroom is large and has access to a back deck and the gorgeous master bath with double bowl sink, Jacuzzi tub and separate shower. The second bedroom and bath are conveniently located on this floor as well. As you walk downstairs, you enter a massive family room with another fireplace and a walkout patio. The third bedroom and bath are on this level in addition to a utility room with washer/dryer and extra storage. Garage parking is included. Located on a quiet tree-lined street, this home is well above and beyond your typical condo.