How are "boutique" buidlings fairing against high rise condo's in the Gold Coast. I bought a condo for 1.5 in 05 and don't know

Asked by Beau, Florida Fri Mar 19, 2010

what it is worth now. Need to short sell quick so any help would be appeciated.

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Philip Sencer, Agent, Chicago, IL
Fri Mar 19, 2010
You really cannot compare boutique buildings to generic high rises. Its apples to oranges. You need to have a market analysis done of your particular unit. It is true that most property bought in 2005-2006 has lost a lot of value, but not all units/buildings are equal. As an example the Hancock has faired much worse than Lake Point Tower generally.
There also is no guarantee that your bank will agree to a short sale. Your financial situation must meet certain criteria and each bank deals with these situations in different ways. Some are more receptive to short sales than others, but almost all of them will not even talk with you until you are 2-3 months behind in payments.
Let me know if you would like more specifics.

Philip Sencer
Chicago Realty Associates
1024 W Fry #101
Chicago Illinois 60642
1 vote
Mark Flint, Agent, Evansont, IL
Wed Mar 28, 2012
Good answers below. We have the best short sale team in Chicagoland here, but nobody can guarantee how fast it will sell. If the HAFA papers are filed and the bank works with you it could happen as quick as 45 days after an offer has been accepted. There are lots of landmines in the way that have to be navigated. I work with Team Seeley here in my office when it comes to short sales. Meet everyone else than meet with us and you'll see the difference. Then get that place sold fast.
0 votes
Jose Hernand…, Agent, Chicago, IL
Mon Mar 26, 2012

When it comes down to Short Sales make sure you consider my team. We've been able to approve short sales in less then 45 days.
Any real estate agent can list a home for sale, but it requires experience and knowledge of the process to successfully close a short sale in record time.

Feel free to contact me for a confidential consultation and more information on our successful approach.

Jose Hernandez, sfr
Coldwell Banker Gold Coast
676 N. Michigan Ave.
0 votes
Michael Vrie…, Agent, Chicago, IL
Mon Mar 26, 2012
Hi Beau -- "Short sale" and "quick" rarely go hand in hand, however like some of the other brokers below, Chicago Real Estate Artists works with phenomenal team of short sale experts and negotiators to speed up the process.

Please keep me on your short list of brokers you interview when you discuss listing this home. If you email over the building and unit address I can provide you with a customized analysis to help you understand where your home presently sits in this dynamic market.

Best to you,

Michael Vrielink
Michael Vrielink
Chicago Real Estate Artists LLC
Managing Broker & Realtor
401 N Michigan Ave. Suite 1200 Chicago IL 60611
Tel: 312-970-9476 | Fax: 312-945-7476
0 votes
Matt Laricy, Agent, Chicago, IL
Sat Mar 20, 2010
A lot of properties have come down since '05 but not all of them. I know a lot of my clients like "boutique" buildings more than the high rises, especially the newer high rises. The building you live in probably has more character and a more unique layout that these new cookie cutter layouts. I would really need to know what building it is to get back to you about how much it has held its value.

Matt Laricy
Americorp Real Estate
Brokers Associate, e-PRO
0 votes
Kelly Rizzo-…, , Chicago, IL
Fri Mar 19, 2010
High rises are definitely having more problems as there is much more competition. However it depends on a case by case basis. We are short sale specialists and have more short sale listings than any other realtor/team in Chicago. We are in direct partnership with The Illinois Law Group who is the only Law Firm in Chicago that specializes strictly in short sales. Please contact me so we can discuss your options, and answer any further questions. Thank you

Kelly Rizzo-Parker
Team Manager-The Rizzo Group
Koenig & Strey Real Estate
Cell- 312-622-4520
0 votes
Evelyn S. Fr…, Agent, Chicago, IL
Fri Mar 19, 2010
Hi Beau,

To provide a blanket response would not serve your best interest and quite frankly not answer your question in a responsible manner.

In order to better assist you we would need more information, i.e. building address, # of bedrooms, baths, is parking included, amenities, floor level, square footage, etc... How old is your building versus the newer construction/boutique buildings you're comparing?

I'd be happy to run a free market analysis for you. Feel free to contact me at your earliest convenience.

Evelyn Fred
Baird & Warner
0 votes
Jose Hernand…, Agent, Chicago, IL
Fri Mar 19, 2010
First of all, every property is different and will have a different value you may not need to short sale. In order to qualify for a short-sale you must meet some requirements and the bank has the final approval. Let's explore the options available, feel free to contact me at any time we specialize in short-sales!

Jose Hernandez,SFR
Keller Williams, Gold Coast
676 N. Michigan Ave. suite 3010
Chicago, IL 60611
office 312-981-5444
Cell 773-490-9791
0 votes
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