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October 31, 2009
As you begin your search for a new place in Chicago, you’ll have to deal with decision after decision.
One of the most important decisions to make when considering Chicago realty, and perhaps the first you should hit, is deciding between renting and owning property.
There are costs and benefits to either scenario, just ask anyone in Chicago—homeowners and renters alike.
Depending upon your lifestyle, your future goals, and your financial situation, you might be ready to own your own home or you might be in a group of individuals who prefer to rent apartments. Chicago is certainly not lacking options in either category, but it takes time and consideration to figure out what works best for you.
—When you buy a home, in Chicago or anywhere, your home becomes more than a place to hang your hat: it’s an investment.
Whether your investment pays out later on depends on the future climate, which is somewhat unpredictable. That being said, payments on your new build equity and can give you a sense of security. I can’t say the same for rent checks.
—Even if they aren’t building equity, there are some definite benefits for those who rent apartments. Chicago is constantly changing, so a neighborhood you wouldn’t have looked twice at a few years ago might be your new Shangri La. What does this mean for you, renter?
Well, I wouldn’t suggest uprooting every time you find your favorite new restaurant, but a few years from now a neighborhood across town might suit you far better than your current neck of the woods. As a renter, moving around is a little more hassle-free than it is for homeowners, especially those who are trying to sell in a buyers’ market.
This is another point when your lifestyle certainly plays a part in your decision: if you’re a born traveler, you might not want to be making mortgage payments while your traveling abroad for six months.
—Owning a home means you are the tenant, super, and landlord, all in one. As your home begins to need work, you’ll be footing the bill for upkeep, remodeling, and necessary renovations.
If you enjoy a project or you’re pretty handy to begin with, chances are you’ll make lemons out of lemonade. Peeling paint in the foyer can mean a whole new painting project, while flooded carpet can mean the chance to pull it all up and start new.
Take some time and talk to friends who own their homes and those that rent apartments.
Chicago offers an ideal solution for everyone, whether you decide to start investing in that Victorian home in Lincoln Square or you’re happy to rent your loft in the Loop.
October 29, 2009
Not too long ago, a friend of mine visited me here in Chicago, a preliminary step in possibly moving to the Windy City.
Once I’d contained my elation, I made it my job to show her around my favorite parts of Chicago, from Millennium Park to the John Hancock Observatory, to some of the neighborhood finds I’m especially proud of.
Despite the fact that she’s a few years out from this potential move, I couldn’t help but point out different apartments and lofts around Chicago. Property rental, I know, is not something you can plan that far in advance.
Things are always moving and changing, and within a few years a whole new scene could pop up in an otherwise dormant neighborhood (the few that are left). But, I just couldn’t help myself.
Did I mention she’s a born-and-raised New Yorker? With so many Chicagoans being ex-pats themselves, you wouldn’t think this would matter to the story.
But when you’re considering a big move, the excitement of a new location and the loyalty to your roots can create a bit of a battle. After all, she’d be going from a flat in the neighborhood she’d grown up in to a whole new chapter in Chicago. Property rental, navigating the city, finding a job, creating a whole new niche!
That being said, we made some leeway over the course of the weekend. Shortly before our whirlwind tour, she mentioned that she’d need to get her license (true city girl, has never driven) and a car before she moved to Chicago.
I’m not sure if this is a common misconception when considering Chicago realty, but no! Between the El (the elevated train system in Chicago, nicknamed the “El”), the buses, the Metra—I made sure she knew there was no need for a car in Chicago. With your handy CTA map and a good pair of shoes, you can get all over the city in no time.
I explained to her that even trips outside the city limits is easily done if you’re car-free. You can be up at the Ravinia Festival or the Chicago Botanic Gardens in 45 minutes by Metra—easy as pie.
Furthermore, when she did eventually begin her Chicago property rental search, being able to navigate the city via public transportation is a pretty nice alternative to finding and paying for parking.
While we were walking to the train, she took a call on her cell but told the person she’d have to call them back.
She was accustomed to heading underground for her commute, and was delighted when she had good service our elevated train! Yes, it was a small victory, but I’ll count it.
October 27, 2009
Just a few months ago, family friends invited me to dinner at their new home in Lincoln Square.
Having always been heart-of-the-city people, I was surprised to hear that they had moved at all! And to Lincoln Square! Not that I knew a thing about the area, just that it was on the North Side and it was more of a commute than they were used to.
Upon arriving, I instantly realized that Lincoln Square had something… It had all of the amenities and at-home coziness of a suburb or a small town, but here it was in Chicago. Real estate for sale in the neighborhood proved similarly invaluable: if you’ve always seen yourself in a wood-frame Victorian or a prim little graystone, but you’d still like to be in the city center pretty quickly—Lincoln Square is for you.
Located between Damen Avenue and the Chicago River, from Foster to Montrose, Lincoln Square is a blend of residential areas and neighborhood shopping and dining, and all the charm you expect from this historically relevant Chicago real estate. For sale sign spotting in Lincoln Square?
One of the best ways to get a feel for the neighborhood is by stopping for a bite in their thriving restaurant scene. Get back to the roots of the area with some German cuisine, or try something from the rest of their diverse restaurant scene—perhaps some Middle Eastern? Some Thai food?
From fine dining to outdoor cafes, the area restaurants serve everything from contemporary, American dishes to Italian, French, Mexican, and more. If you’re like me, an unexpected factor in your real estate search: takeout options.
Yes, it’s a hard job, doing all of this “research,” but that’s the price you pay for being so savvy when it comes to browsing Chicago realty.
Taking a stroll through Lincoln Square, you’ll pass by shops specializing in everything from the finest bath products to vintage clothing, from hand-crafted toys to furniture finds, perfect for putting together your new home.
Now you’ve definitely decided Lincoln Square is the place for you; yes, you might not have the lawn space or the house width you’d find in suburbia, but you’re not going to find any cookie-cutter homes here in Lincoln Square, or its surround neighborhoods.
Historic, “old world-style” homes are aplenty in Lincoln Square, in addition to new construction, revamps, condominiums, walk-ups, and town homes (and the list goes on and on) in a variety of architectural styles.
Such as the contemporary-but-cozy new home I had dinner at a few months ago: just steps away from one of the Chicago Park District’s lovely outdoor parks, blocks away from my favorite new restaurant, and a short train ride from the Loop.
October 25, 2009
You’re moving into a new apartment in Chicago. Whether this is your first apartment or an upgrade from a long line of other apartments, one of the keys to a happy space is to make the most out of new apartments. For Chicagoans, apartments can range from neighborhood niches to lofty Loop digs.
No matter the size or altitude of your space, there are a few ways you can make the most of your Chicago realty picks.
—“There aren’t as many windows as there are in most apartments.” For Chicago winters, that could be a plus! Older windows especially are prone to drafts, so come January, sleeping in your windowed bedroom might get a little chilly. Plus, one man’s window-deficit is another man’s wall space-surplus!
You’ve got plenty of room, so why not head to one of Chicago’s art festivals or weekly markets and pick up unique prints or a piece of original art. If you can get your hands on an antique mirror that’s decently sized and affordably priced, they’re perfect for opening up your space even more.
—“I love that I have such a big space, but there’s no privacy.” There are several simple tricks to breaking up expansive rooms into functional areas. Take a cue from your favorite movies and find a decorative screen, preferably one that folds up nicely, allowing you to rearrange or make room for guests.
Another simple trick: float some furniture pieces that you would normally place against a wall. Use your desk or vanity table to separate your “bedroom” and “living room,” for example (sofas work well too!).
—“I miss having a yard where I can relax!” I hate to pull the winter card again, but one benefit to apartments for Chicago-dwellers is not having all the upkeep of shoveling a walk, maintaining a snowy yard, and so on.
That being said, a parched patch of yard might have a hard time competing with the expansive roof-top gardens (complete with skyline views) you’ll find all over Chicago. If you’re lucky enough to have your own patio, make the most of it with a little TLC and you’ll find yourself heading out there every night to relax.
A great way to add some privacy and ambience (and some green!) is with a few potted plants. When you’re picking out your new plants, make sure to ask for heartier varieties (especially if you’re a clueless gardener like myself).
Not ready to paint a room? Can’t commit to a color? Wall decals are a great option, and come in a wide variety of shapes, sizes, and colors. Best of all, they’re completely temporary.
Cramped closet space? Creative storage options can keep you organized and clutter-free. Or, let your closet spread out a little by utilizing wall space with your most eye-catching accessories, hung on decorative hooks.
There’s a solution or a new perspective for every obstacle when it comes to your new home.
October 23, 2009
Long before you put all of your belongings in, your new place will have its own character and its own history. Disagree?
Even if the unit you choose is fresh off the press, complete with unmarked walls and notch-free door frames—it too has its own past, especially in a town like Chicago. Condominiums and the buildings that house them are always someone’s brainchild, always built upon something else… The most important part is narrowing down what you want your condominium to say. What should it reflect about you?
If you’re like me, you’re looking for a place that has the history of Old Chicago, something that has been around the block, but with all the amenities of new construction.
Am I asking too much of Chicago condominiums? Nope. I want all the intricate details of a building with history and all of the contemporary efficiency of tomorrow’s condo building.
Now that we’re on the same page, one place where we can find this magical conundrum of a condominium? Printer’s Row.
This little stretch of Chicago realty along Dearborn (between Congress Parkway and Polk Street) was just a few years ago the home to a number of 19th century printing plants. Now it’s home to some pretty lucky Chicagoans: not only is the neighborhood a stone’s throw from the Loop, it’s also a short walk from some of the best museums Chicago has to offer.
If you’re part of that rare breed of city star-gazers, you’ve got the Adler Planetarium. Or, if you’re looking to go even further back than the 19th century printing plant you now call home, head to the Field Museum.
Okay, just one more, then I’ll get back to Printer’s Row: if you’re looking for some quiet time, heading to the Shedd Aquarium (also pretty close) at certain hours is incredibly peaceful. Especially in the summer when you need to get out of that Chicago heat.
Even without all of the handiness the area has to offer (did I mention the slew of restaurants and bars nearby?), at the end of the day, there’s something downright poetic about living in a building that was once booming with printing presses, the very center of communications.
If Printer’s Row doesn’t seem to be the right fit for you, there are plenty of other neighborhoods around the city where builders have gotten the same idea. It’s like reupholstering the winged back chair you found at an estate sale, or refinishing that weatherworn desk your grandma left you.
Rather than knocking down some of Chicago’s earliest “skyscrapers” and centers of industry, let’s fix them up a little and let them serve a whole new function.
October 22, 2009
Before you sign a Chicago property rental agreement you need to make sure that you are getting the best deal possible. There are so many properties available for rent right now in the city that renters have the luxury of being selective.
With the current state of the economy, many landlords are more willing to negotiate with tenants and enter into more lenient Chicago property rental agreements. When you are looking for a new rental property, feel free to negotiate out your lease terms.
The city of Chicago has thousands of rental properties available from plush and luxurious penthouses over looking Lake Michigan to simple studio apartments that are perfect for college students. Regardless of the Chicago property rental that you have in mind, feel free to negotiate with the landlord on your own behalf.
If the property has been vacant for quite some time odds are that the landlord will be willing to reconsider the lease agreement. Whether you want to shorten the terms of the lease or reduce the security deposit or even the monthly rent there is nothing to lose by asking.
You can find comprehensive listings of fantastic rental properties that are available online. These listings will provide you with all of the pertinent information that you need concerning the property such as its location and the amenities.
Use these listings to find specific rentals that will suit your needs. Schedule appointments to look at the properties and then decide what you like and dislike about them. After you evaluate your options, contact the property owner and try to negotiate.
You may be able to secure a free parking space, a reduced monthly rent, or a number of other things that you could ask for. Some renters will ask for a new paint job, carpeting, or appliances. Feel free to use your negotiation skills to your advantage.
When it comes to renting in today’s economy, renters have an advantage. They have more leverage when it comes to negotiating out leases because many of the properties have been sitting vacant for extended periods of time. Property owners are much more willing to take a smaller loss each month and be able to rent the property than to lose out entirely by it sitting vacant.
Regardless of the type of property you are looking to rent in Chicago, maximize your situation by negotiating terms of your lease in your favor.
October 21, 2009
When you have an unlimited income to work with, anything is possible. That phrase applies double when you’re talking about real estate.
For those who can honestly say that money is no object, I have two words for you during your search for apartments: Gold Coast.
If you are searching for super high-end apartments, Gold Coast area is the wealthiest neighborhood in Chicago realty. The area generally is considered to start from North Avenue and stretch southward to Division Street and west to Clark Street.
Of course, high-rise apartments on Lake Shore Drive that face Lake Michigan are immediately thought of at the words “Gold Coast”, but there are many low rise residential blocks that are more inland and more than fulfill the Gold Coast requirements.
Retail stores and small boutiques that you can expect to find lining the corners of the streets include Giogio Armani, Chanel, Hermes, Gucci, Prada, Louis Vuitton and Cartier SA. Lamborghini, Ferrari, Bentley, Porsche and Bugatti are some of the dealerships that own locations in the Gold Coast.
When Potter Palmer, former dry goods merchant and founder of the Palmer House hotel, built his humongous and historic Palmer Mansion on Lake Shore Drive in 1885, the rest of the Chicago elite decided to follow suit and build expensive homes north of the Loop.
That is exactly when and why the trend for extreme wealthy residents to live in the Gold Coast got started.
Some high-end art galleries that you will find around the Gold Coast area include Rosenthal Fine Art, Silver Cloud Galleries, Loyola University Museum of Art and The Palette & Chisel gallery.
For those who like to hit up the bars and parties, some fun night time places to visit include Tsunami, Le Colonail, Luxbar, Zebra Lounge, P.S. Chicago and Back Room. If you’re looking for a cool sports bar with good food, try Mike Ditka’s (a Chicago favorite), Mexx Kitchen at the Whiskey, and Rosebud Steakhouse.
So, if you have the means and you’re thinking about apartments, Gold Coast is the option you should consider if you’re looking to surround yourself with others of similar income.
If you want to visit the Gold Coast before you make the big move, some upscale hotels to consider would be the Drake Hotel, Four Season Hotel Chciago, Gold Coast Guest House, The Talbott Hotel, Raffaello Hotel and, of course, the Millennium Knickerbocker Hotel Chicago.
October 20, 2009
There is no reason why you should be renting in today’s real estate market. With the prices of Chicago condominiums lower than they have been in decades you could easily afford to pay for a condo right now instead of throwing money away each month on rent.
It is true. As the cost of real estate has plummeted, the cost of living in an apartment continues increasing with rising costs of rent and association fees. Not to mention the rising costs of your utility bills. There are a number of Chicago condominiums on the market right now that will cost you the exact same monthly payment that you are currently making as rent.
And if you are a first time buyer you are eligible for the $8000 tax credit available for purchasing a home or condo before April. Yes, you could be eligible to receive up to $8000 back on your taxes. You could use that money to help pay down your mortgage, to make improvements on your condo, or for any other needs that you may have.
There are so many Chicago condominiums available on the market right now that you will have no problem finding one that is in your price range. You will have a large selection of reasonably priced condos in neighborhoods scattered throughout the city.
You can narrow down your search by using a website that can help you find the perfect condo to fit your needs. There are sights designed to match prospective buyers up with properties that match their search criteria. Whether you are searching by neighborhood or the numbers of baths/bedrooms that you want take advantage of one of these real estate sites.
These sites are a great way to target your search on condos that will meet your needs. With so many properties available on the market right now you should use a searching tool that will assist you in finding the perfect condo. It will also save you a lot of time because you can eliminate having to see properties that do not specifically match up with your search criterion.
Use the real estate market to your advantage and purchase a condo. You will be very happy that you made the investment and are no longer renting. By taking advantage of real estate search sites on the web you will be able to find a condo that fits your needs and your budget.
October 19, 2009
High end, luxury apartments for Chicago are not tricky to find. It’s coming up with the money that might be tricky.
But for those with the means and the way, you will love what Chicago realty has to offer and you will quickly find that LA and New York ain’t got nothing on us!
If you want to buy apartments for Chicago, you can find units in luxury buildings, like the fancy, new International Trump Towers & Hotel.
Watch out, though, these puppies go for well into the millions of dollars. High powered business professional and many celebrities own property in this building as well as many others, like the John Hancock Building, Water Tower Place and many buildings that run along Lake Shore Drive.
So don’t think that Chicago realty takes a back seat to other major cities when it comes to delivering the goods, and the celebrities. Chicago’s favorite celebrity is, of course, Oprah Winfrey, who not only lives in Chicago but films her talk show here.
Jerry Springer owns a condo in Chicago, although he recently moved his filming to Connecticut. Vince Vaughn grew up in Lake Forest, a Chicago suburb, and owns a mansion there.
We are proud to be the home of Michael Jordan and, of course, Chicago’s pride and joy, President Barack Obama and family still retain their home in now-infamous Hyde Park.
When you’re looking for posh nightclubs for the rich and the famous, we’ve got you covered. Vision nightclub and Excalibur are two touristy hot spots that always see a lot of celebrity action.
Rush Street is filled with high end clubs to be seen at, although the front door covers might be pretty steep.
Our ultra high end shopping district will make both rich women and men tear up. Posh Michigan Avenue, or The Avenue as the retail staff refers to it, is filled with the best of the best.
Stores like Ralph Lauren, Burberry, Louis Vuitton, Tumi and Salvatore Ferrragamo line the streets at the North end. You can also find smaller boutiques that sell unique pieces and fine galleries that buy from local artists.
Our diamond district includes Tiffany’s, Cartier and Swarovski and is sure to make any loved woman smile wide.
If you’re looking to lead a high end lifestyle, Chicago definitely has everything you could ask for and more. What is mentioned here is just the beginning, visit Chicago to get a true taste of what we can offer.
October 18, 2009
Are you looking for Chicago il homes for sale? Now is the perfect time to buy! The government has just extended the homebuyers tax credit until the spring so that qualified applicants can get up to $8000 back on the purchase of a home.
It is no secret that right now it is a buyer’s market so don’t let this opportunity pass you by if you can afford to buy. Banks are working hard to secure financing for first time buyers and people that haven’t had a mortgage before. Don’t worry about financing, will some persistence you will find financing for a decent rate.
There are so many Chicago il homes for sale on the market right now that you will have a huge selection to choose from. You can find something unique about each Chicagoland neighborhood and should take the time to look around until you find the perfect area to buy in.
With the large number of Chicago il homes for sale on the market now you will get a fantastic price on whatever property that you purchase. The current market value of the home that you purchase is almost guaranteed to increase over the next couple of years as the market improves. Opportunities such as this don’t happen very often.
You will also have the option of purchasing homes that are in short sales or that have been foreclosed. With all of these options available to you it will be easy to find a great home or condo for a rock bottom price.
You can afford to be picky when selecting a home in today’s market. There are so many homes that are on the market that you can take your time and look for the perfect one that has all of the amenities that you are looking for. Or, you could take your tax credit and have the amenities installed on your own whether you are looking for an in ground pool, granite countertops, or a theater room.
Sellers are also desperate to unload properties they can no longer afford and are much more willing to negotiate terms at closings. You may be able to get a price reduction to complete renovations or to add on amenities as an incentive to purchase the house and close on the sale.
There are so many incentives available to buyers right now that it really is the most opportune time to buy.
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