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60616 : Real Estate Advice

  • All35
  • Local Info5
  • Home Buying11
  • Home Selling1
  • Market Conditions6

Activity 27
Fri Apr 21, 2017
Solomonjohnson911 answered:
You'd better ask your lawyer, it's hard to give advice online with such short description of the problem. I can recommend you to read subsections 5-9 of RCW 59.18.150 of the Residential Landlord-Tenant Act. ... more
0 votes 2 answers Share Flag
Sat Nov 12, 2016
Avbruu answered:
You may lookup FHA approved condos on this site:
0 votes 17 answers Share Flag
Thu Sep 22, 2016
Treice.fagundes asked:
Thu Sep 22, 2016
Treice.fagundes asked:
Fri Apr 22, 2016
Hkim30 asked:
I am an owner of high rise condo in Chicago as an investment property.
It has only 40% owner occupancy rate (including 2nd home), which makes hard to do refinance.
Can I ask if there…
0 votes 0 Answers Share Flag
Wed Jul 29, 2015 asked:
This photo has a person in it, very inappropriate. I choose not to have a picture of my home on your site
0 votes 0 Answers Share Flag
Sun May 18, 2014
Seth Captain answered:
This may qualify as more of a rant than a direct answer, but one that may help tenants make an informed decision should they find themselves in this situaiton.

Working with multi-family buildings thoughout the northside of Chicago, I have seen so many multi-units where the owner is short selling and still collecting rent. These people should be locked up, the owners that is.

They can't feign innocence. Owning a two flat, or 4 flat, or any investment property, in Chicago, or elsewhere, is a business decision. You know how much you need to come up with monthly. Landlords are pocketing 1 - 3 years worth of rent while neglecting their mortgage which in turn negatively affects the market for everybody.

The behavior is despicable. Sure, there are members of the banking community that need a good dose of lock-up as well. But these landlords,who have often times stopped taking care of their buildings, still collect rent, and then when somebody wants to buy their short sale, they refuse to do anything to accommodate the sale.
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0 votes 18 answers Share Flag
Sun May 18, 2014
Philip Sencer answered:
The seller does not care what the price is. He just wants a contract so the 'process' can start and it can take 2-5mo before the bank is ready to decide IF they will accept the price. The market has been increasing so often values are up and they want more money than the contract price. If you do not like that you can walk away.
Most banks prefer to do a short sale because it costs them much less than to take over the property as a foreclosure and most foreclosures go back in the MLS, not an Auction. Auctions are a very bad way to buy something. You really need to do all your etc BEFORE you bid. It is not for newbees.
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0 votes 26 answers Share Flag
Sun May 18, 2014
Philip Sencer answered:
You should not have been paying the landlord, but too late for that. You should check with an attorney, but almost all banks will offer you CASH 4 you to move out so they can then sell the property. I would not pay them. It takes them 3-6mo to evict you which is why they offer you $$$ to leave. ... more
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Thu Jan 16, 2014
Daniel Mirea answered:
Hyde Park is the way to go! Very good Place! I've been in business for 12 years. Give me a call!
0 votes 16 answers Share Flag
Fri Sep 20, 2013
Michele Wilson answered:
you might need a zoning variance and an approved plan.
0 votes 9 answers Share Flag
Thu Aug 22, 2013
Xavier Durrant answered:
The laws in FL differ from IL. Honestly, consult a lawyer, they will be able to speak to your tenant rights.

Best of luck,
0 votes 9 answers Share Flag
Mon Aug 19, 2013
Xavier Durrant answered:
I can speak to 60616-South Loop
This neighborhood is ideal for those looking to stay close to the city, highrise condos, access to LSD, public transportation & amazing restaurants. Big box retailers are also starting to take notice like H&M & Maggianos. A good sign.

Please give me a call if you'd like to discuss more in detail.

Good luck,
Xavier Durrant
Kale Realty I 548 W Roosevelt I Chicago, IL 60607
Direct: 561.506.4776
Fax: 312.256.2025
... more
1 vote 6 answers Share Flag
Thu Jul 25, 2013
Geralyn Hopson answered:
The South Loop boundaries are roughly Harrison on the North, 22nd Street on the South, Lake Michigan on the East and Halsted Street on the West. There has recently been some discussion that includes the Motor Row District which is basically the 23rd and Michigan to the Lakefront as that area is being redeveloped to include an expansion of the Hyatt Regency McCormick Place, construction of a new hotel and/or condo project and development of an restaurant/ entertainment district in the historic motor row area. That said, prices in the South Loop have been increasing with some condos and rentals actually going off the market at MORE than their original list price. If you are considering buying or renting in the area, and are not already working with another broker, please do contact me at 312 933 4121, I will be more than happy to assist you. ... more
0 votes 12 answers Share Flag
Tue Jul 23, 2013
Le Ann Dunne answered:
As REALTORS® we can not assist you in answering this question related to the neighborhood as per the ethical guidelines of our practice. I would highly recommend contacting your local police department. They can provide you with types of calls to the area and the frequency. This is a good rule of thumb as a starting point. Safety and comfort levels are personal based on one's experiences.

Also, visit with neighbors in the area. You may want to drive around the area at different times of the day. Always trust your gut instinct. In today's world it is best to be aware of one's surroundings at all times.

Hope these ideas help!
... more
0 votes 5 answers Share Flag
Thu Jul 4, 2013
Santiago Kensel Sanchez answered:
Call the zoning department to Chicago .
Take a look at the records , when 4 legal units are listed for a listing agents that do foreclosures and they dont have info from the current owner , zoning etc.....and they dont have the zoning in hand sometimes all are listed like a 2 flats to avoid problems this happen in the 90% of the cases . ... more
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Tue Jun 25, 2013
Rekeia Williams answered:
I am approaching the end of my 1 year lease and this was an EXPERIENCE. I moved into Lake Meadows because I was impressed with the nice clean layout of the grounds and the perks such as free cable, free utilities and free parking, and the fact that it was close to downtown.. But it soon turned into a nightmare!!! They show you this wonderful model apartment and its NOTHING like the real thing.... I quickly found out they must offer all these perks in order to get you sucked into this mess.
The neighborhood was ok to deal with, but there were 2 shootings in the past year, and several people were robbed in the parking lot of lake meadows. The schools include a combination of kids from various apartment complexes in the area, so its a mixture of rowdy kids and kids from higher incomes thrown into one environment.
As for the apartment, the lobby was always nice, but once you stepped off the elevator, it was like stepping into a project building, the old metal doors are a shock to your eyes, and smell on each floor is terrible. my building regularly smelled of various foul odors, and on a good day I only have 20-30 mosquitos and spiders in my house. They finally installed screens in the bedroom windows a few weeks ago, but we still get a few bugs in the kitchen and living room windows. The kitchen cabinets are not wood, they are old metal cabinets that have been been painted over soo many times, that they dont close properly. and the applicances are soo outdated that my great grandma has this exact same stove at her house. honestly, I didnt know these appliacnes were even still in existance. The bathrooms are soo small, I could barely fit a bathroom rug in the bathroom and the plumbing is crazy- my toilet stops up 4-5 times per week. The walls are soo thin that when someone is knocking on the neighbors door, it sounds like they are knocking on our door. Every single morning we can hear the upstairs neighbors yelling at their kids to get up for school. One morning, my entry door was stuck and I couldnt get out of my apartment to go to work. I had to wait until they came and removed the entire door. The heat is controlled by the building, so we have radiators, which are really hard to get used to, if you are used to having central air/heat. They keep the heat on until May 15th, so on those hot summer nights, its practically hot and sticky in your apartment. The most outrageous thing was the air conditioner rule. The windows are soo soo old and outdated that management will only allow certain air conditioners in your apartment. So, In order to have AC in your apartment, you must purchase an air conditioner from Lake Meadows for $250.00 and then you must pay them 100.00 fee to install it. The security staff puts tickets on your car for any given reason, although you dont have to pay tickets, they are placed as part of your record with management and it is stuck on your car glass and very very difficult to remove. So, imagine getting one of these on your car every week after car wash. Its almost like removing glue from your windows, A HEADACHE.. Even though there are over 100 apartments in this building, the laundry room only has 6 washers and dryers, so at any givin time, one or two people will be using all the washers in the laundry room and then security locks the laundryroom at midnite, so you cant even go try to catch a washer in the middle of the nite while everyone else is asleep.. In addition, you must purchase a laundry card for $3.00 before you can begin to load money on it to wash your clothes. So basically you pay $3.00 for the privilage of using the laundry room. The funny part is, I received a letter 6 months after I moved in, asking me to renew my lease for an additional year. They were trying to lock me for another round on this roller coaster. They said if I didnt renew my lease now, the rent will go up an extra 100.00. So I refused and guess what its now 3 months later, and I just got my letter saying my rent is going up and I must notify them if I am moving within 30 days. Although The staff is really nice overall the living experience is not what I expected at all.
... more
0 votes 12 answers Share Flag
Thu Feb 14, 2013
Ilona Koziel answered:
I am a long time resident of South Loop and I have sold units in your building.
I find the views to be breathtaking!

Just as an update to your post, a bank owned unit # 2001 sold for $320,000 in September 2012.
The prices are definitely on the rise since the crash, perhaps not where you need them to be just yet, but they are climbing!

Ilona Koziel
Real Estate Broker, J.D.
Charles Rutenberg Realty
312.731.4773 Mobile
... more
0 votes 8 answers Share Flag
Thu Sep 6, 2012
roommief answered:
How long ago was it? Actually, you may have claim from the bank as well. Go to any IRS office and ask for all 1099 statements since at that happened? If there is more than one bank file the 1099A or 1099C against you. You can write a letter to describe all information and fill out the form 3949 to the IRS. The 1099A and 1099C is giving the bank tax break since they have a lost money on your mortgage. If there is more than 1 bank filed those forms, that means the other bank is claiming lost from your mortgage as well. There will have 1/3 of the fund that the IRS recovered from that from your returns. Good Luck! Also if you are good at reading law, you may want to check with all of your paperwork - from foreclosure. If your lost is less than 2 years, you may able to file TILA law suit. IF that is less than 1 year, you may file for TILA and FDCPA on that. Good luck! ... more
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Wed Sep 1, 2010
Michael Ofsanik answered:
You can try clicking on "Find a Pro" to connect with a lender or an internet search like Lending Tree that put one lender against another to compete for your business. Doesn't cost you a thing. ... more
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