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Chicago Real Estate
Chicago Real Estate
Relocating to Chicago may seem a little overwhelming at first, but all of the options available in terms of housing, entertainment and shopping are actually working in your favor right now. There are some great deals on Chicago condo and home prices with developers offering incentives and reductions. If you educate yourself a little about the city and focus on what neighborhood or location would work best for you, then you can narrow down the housing options.
Chicago is home to Navy Pier and its 150 foot Ferris wheel, Museum Campus, Shedd Aquarium, Adler Planetarium, Field Museum of Natural History and Art Institute of Chicago. The city has an incredible mix of blues, jazz and gospel festivals, dozens of theaters like the Steppenwolf and Goodman, the Second City improv comedy, the Mag Mile and Oak Street shops like Yves Saint Laurent and Macys. The Bulls, Bears, Blackhawks, Cubs and White Sox all play here, and you can find dozens of water related activities on the lakefront as well.
The best strategy is to check with condo developers or a real estate agent to see what is available in the area you are relocating to and go from there. It's still a buyer's market, so don't be afraid to ask about incentives or price reductions. Also, many developers are more willing to rent condos, so don’t rule that out either if you aren't ready to buy yet.
Central Station is home to 1400 Museum Park, 1600 Museum Park, Museum Park Place and One Museum Park condominiums. Two of these developments, 1400 and 1600 Museum Park are FHA approved, which may appeal to many buyers. Prices on the condos in the Central Station complex can run anywhere from the $200,000s to well over $1 million, so there's something for practically every budget. The location is prime, being close to the lake and Grant Park.
Bucktown is a Chicago neighborhood that is experiencing some recent growth and might be a good fit for someone who enjoys a bit more quiet but still likes to be a few minutes from a good selection of restaurants and shops. Bucktown Point is located there and offers two to three bedroom condos with luxury finishes priced in the $500,000s.
Vetro on South Wells in the South Loop made headlines early this year with a major condo auction that brought prices down at several other Chicago developments as well. There are still units available there, with prices starting in the low $200,000s. The Lofts At Roosevelt, a 12 acre, 342 unit development also in the South Loop will most likely be converted to a rental project, so this would be an ideal option if you're not in the position to buy right now.
In the West Loop, R+D659 has recently lowered condo prices on the remaining units. The condos in this 15 story, 237 unit tower had been listed between $340,000s to $670,000s and are now priced from the $230,000s to $470,000s.
In River North, you can also either rent or buy at 757 Orleans. This 22 story tower has a selection of 198 condos priced from the $200,000s to $700,000s. Click here to find more information about Chicago Real Estate For Sale.
If Trump Tower is on your short list of places to live, then you can find many units for sale both from the developer and from investors. The price difference between the two is fairly big though, so you may want to check with a real estate agent before you contact the developer about making a purchase. Condos at Trump are priced anywhere from the $300,000s to several million.
SoNo on Blackhawk Street is also cutting prices right now. The 28 story new construction tower has 200 one to three bedroom condos that run from the $280,000s to $480,000s. Parking is also lowered to $9,000 per space, although it is already included with many units.
Streeter Place in Streeterville is pre-leasing units right now and monthly rents for the 480 studio to three bedroom apartments range from $1,220 to $4,062 with $99 parking for the first year.
Lakeshore East is home to Aqua, where there is a rent-to-buy program that allows you to build up as much as 2.5% of the purchase price of your condo from your monthly rental payments.
The Metropolitan on South Michigan has also lowered prices on its condos, with the one to three bedroom units listed for the $240,000s to $640,000s. Another South Michigan Avenue tower, The Columbian, has units ready for immediate delivery, free parking offered with purchase for a limited time and price reductions of as much as $50,000 to $70,000.
Silver Tower on West Ohio Street is offering $5,000 cash back at closing plus one year of paid assessments if you buy before July 31st of this year. These are one to three bedroom condos that run from the $270,000s to $870,000s. The building is also FHA approved.
Other Chicago real estate developments that have gotten FHA approval include 1720 South Michigan, Emerald, 235 W Van Buren, 740 Fulton, Catalpa Square, Eco18, The Lofts at 1800, Trio, The Mondial and VB1224. That means that if you qualify, then you can lock in a low interest rate and have only a 3.5% down payment.
This is just a sampling of the housing options available in Chicago. Don't limit yourself to one or two options, but check out enough condos to make an educated decision on where to buy or rent. Be sure to also check out a developer's reputation and whether or not the building has sold well or could possibly face financial problems in the near future. Don't be afraid to ask questions. Chicago is an amazing city, so make the most of the experience.
Click here to find more information about Chicago Real Estate For Sale For First Time Buyers.
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