Home Buying in Chicago>Question Details

Cj, Home Buyer in Chicago, IL

First Time Buyer: How to decide what to offer on Loop Condo?

Asked by Cj, Chicago, IL Thu Feb 5, 2009

I am interested in 208 W Washington (2br/2bath), but there are very little comparable props in the building and not many in the area. Nothing is selling. How do I know the home is priced correctly for today's market? The condo is currently rented and has tenets...so it seems like there may be opportunity to put in a lower offer?

Please help! Thank u!

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8
I see that you have an agent already. Your agent should be able to answer these questions or you should consider a new one.
0 votes Thank Flag Link Wed Feb 11, 2009
I looked at several 2 beds 2 baths at 208 W Washington and did comps with my realtor, all those units are priced too high at 299K. Given the size, proxmity to train tracks and the fact that most of the bedrooms do not have windows I think they list prices need to come down some. I saw other 2 bedroom 2 baths for the same price on State street that are much nicer and bigger.
0 votes Thank Flag Link Fri Feb 6, 2009
C.J,

Here's a chart for zip code 60606 showing median price and inventory trends. http://www.kendooley.com/my-blog/2009/2/6/60606-inventory-me…

Also, contrary to an earlier post, the tax credit has not been increased from $7,500 to $15,000 but instead has been proposed http://www.kendooley.com/my-blog/2009/2/5/15000-tax-credit.html

As a first time buyer, here are some additional useful tips http://www.kendooley.com/purchase-contract/

Best of luck, Ken Dooley
Web Reference: http://www.KenDooley.com
0 votes Thank Flag Link Fri Feb 6, 2009
Wow! you guys are great!

I do have an agent...who is great! I just feel like I want to be personally educated with whats going to happen and take on some of the research so I can know I am getting a good deal.

Maria - Great info about the mortgage company and special building program! I never knew any of that. I'll be sure to research that.

Jeff- I agree 100%. Thats what I was thinking....just see what happens!

Any more suggestions will be greatly appriciated!
0 votes Thank Flag Link Thu Feb 5, 2009
When in doubt, offer an arbitrary figure and see if it works just for the sport of it. You can just say you feel the market is still dropping, show me some comparables to justify your asking price, or even that you cannot secure financing above your offer. Sometimes lofty realtors want to make the process more than it is, but that is what I would do.

They all work (from time to time).

Good luck!
Web Reference: http://www.1sthomegroup.com
0 votes Thank Flag Link Thu Feb 5, 2009
Actually the home buyers credit has been upped to $15,000 dollars.
0 votes Thank Flag Link Thu Feb 5, 2009
CJ,
Hi, your question is two-fold. First I would find out if your Mortgage company or Bank can close a unit in this building. There are quite a few rentals and to be quite honest some lenders/banks are unable to close in buildings that have a high rental ratio. Also find out if the building qualifies for any special programs. If you are a first time buyer make sure you get your $7500 tax credit.
As for making an offer...if you are working with an agent your agent should do a CMA( Comparative Market Analysis). In this instance where there are not a lot of sales over the past 6 months, you would look at similar buildings in the area with the same square footage, amenities, etc. It is very important that you also figure out the average price per square foot in the area. Then you can make an educated, fair offer. If you need help with this, I can help you.
This is why in this market you should have a buyer's agent. Quite a few people dont have the experience or knowlege and could possibly make a big mistake with wrong information. Feel free to contact me on my website or at my email address. Good Luck and hope to hear from you.
0 votes Thank Flag Link Thu Feb 5, 2009
Hi Cj,

I have found some comparables in this building. If you are not currently working with an agent, please conact me and I can help with a price and all of the paperwork involved. Of course at zero cost to you!

Have a great day!
Tim Fitzgerald
815-353-1901
tfitzgerald@c21proteam.com
0 votes Thank Flag Link Thu Feb 5, 2009
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