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Home Buying in Lakeview : Real Estate Advice

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  • Local Info3
  • Home Buying10
  • Home Selling6
  • Market Conditions1

Activity 10
Sun Mar 29, 2015
Kay Mastandrea answered:
You should take a walk through the neighborhood and get a sense of the community. Stop at a local coffee shop, walk through a park and have a meal at a local restaurant. You can google the area nd learn more. ... more
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Sat Sep 6, 2014
Christy Starks answered:
A knowledgeable and experienced agent specializing in the area in which your house hunting will be invaluable in your ability to negotiate realistically. There is more to closing the deal than simply identifying the property you wish to own. Myriad issues must be addressed toward a smooth and timely closing and a professional will ensure that this will happen. Good luck! ... more
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Sun Jun 22, 2014
Bryan Hayes answered:
Check out the Lakeview Real Estate Market Report for May 2014. Prices are up and Lakeview has been traditionally a strong market and a solid investment.
http://www.youtube.com/watch?v=YeXUmZNqBdE ... more
0 votes 23 answers Share Flag
Wed Jun 19, 2013
Evelyn S. Fred answered:
Alfred Dynia or Beata Valente
Dynia & Associates, LLC
773-427-1900
realestate@dyniallc.com

Ed Bauman
Top Notch Inspections
847-899-2126
ed@topnotchinspector.com

Super reasonable and exceptional service from both! ... more
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Tue Apr 30, 2013
Trevor Curran answered:
Good evening Simona,

First steps:

Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.

Line up a Home Inspector. A good home inspector will scare the heck out of you: that's what you pay him for! But you'll concentrate on the fundamentals of the property: roof free of leaks, plumbing, heating and electrical up to code and in good working order. Again, when you make an offer and you have your Home Inspector ready to go, your offer will be considered with much more interest by a Seller because you truly have your "ducks in a row" and your preparation demonstrates your serious attitude about conducting the purchase transaction in a timely manner.

Find an experienced Local Realtor who works in your desired shopping area. A serious pro Realtor will refuse to show you homes until you are Prequalified for mortgage financing. Don't take offense! That Realtor doesn't want you to be disappointed and wants you to have a smooth experience as you shop for your new home.

Put together your Team of real estate professionals and shop 'til you drop!

Trevor Curran
NMLS #40140

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
... more
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Wed Feb 17, 2010
Laura Karambelas answered:
Hi Again- Your best bet for the information regarding the fees for a 95%LTV vs. FHA.... or if it would be better to put more down.... is to call my lender directly. You can send me an email and I can give you his information.

I hope this helps!
... more
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Wed Jun 24, 2009
Eileen Romito answered:
For example:

The listing agent enters into an agreement with the seller to sell the home for a 5% commission. If a buyer brings his agent along, the seller pays the 5% commission to the listing agent, who then pays half of that to the buyer's agent . If the buyer does not bring an agent along, the listing agent still gets the entire 5%. The contract has already been signed by the seller that they'll pay 5% to the listing agent.

In rare cases, the listing agent may agree to reduce their 5% commission to, say, 4% or so when they are taking on both sides of the deal. But this is NOT always the case and in fact many brokers have a policy that will not allow this to be done. Keep in mind that when the listing agent is handling both the seller and buyer side of the deal, they are doing twice the work! Therefore they usually require twice the compensation.

Good luck but I do always recommend that you use a buyer's agent when purchasing - it doesn't cost you anything out of pocket. What you THINK you may be saving (assuming the listing agent reduces their commission) is easily recouped by a using a buyer's agent who is a strong negotiator and can get you an even lower price.
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Tue Feb 3, 2009
Jim Gramata answered:
Bart--beware of the optimism....

Case/Schiller is an excellent analysis of market trends and the current bell curve correction in the market is incredible but remember it is for the metro Chicago area which includes Naperville and Joliet. That is a huge region of real estate.

Lakeview has been and continues to be a bullish investment market even in light of the data below. You really need to 'drill down' into the market stats but look at last quarters summary. In other words, I would make the same trend analysis for whatever property type you are considering and see how that is trending over the past 36 months. That will give you a much better idea of the local market than C/S or my summary.

This was a post I made on Trulia a few weeks ago:

Total condos and townhomes units sold in Chicago's Lakeview neighborhood were down 37% with 245 units sold in the fourth quarter, 2008 compared with 391 units sold in the fourth quarter, 2007. The median sales prices were down 9% to $315.000 from $347,000 in 2007 4Q and the average condo and townhome prices were down 36% in 2008 to $241,592 compared with $376,131 in 2007. Average market time was up 9% to 104 days. (Data from the local MLS)

Listen to the local professionals and look at the real numbers when trying to make sense of today's real estate market and your local micro-real estate economy. Even these numbers cannot be read on face value. Drill downs are required!

For more information and a Chicago Home Buzz market report visit www.ChicagoHomeBuzz.com where this data will be available soon.

Here is my previous Trulia post on Lakeview...

http://www.trulia.com/blog/jim_gramata/2009/01/lakeview_chicago_condost
... more
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Thu Jul 24, 2008
Daniel Cullen answered:
Hi Gretchen.....I hope you find a home that you will be happy in. First of all though, try not to fall in love with a building. They can't love you back. I have a deep appreciation for well-built structures but love should be a reciprocal affair.
I've inspected dozens of older condominiums in that stretch of LSD. As Ken stated, the old galvanized pipes slowly constrict from rust and minerals. The only permanent repair is to replace them with copper pipes. Some buildings have done that and should be relatively trouble free now. Look around, take your time, there is a lot of property on the market. Like the good book says, "Be anxious in no things".

Take a close look at the minutes of the association meetings going back over the previous year. What type of issues have come up? How has the association responded to complaints? What type of repairs are being contemplated? How much reserve funding is on hand? Is it hard to get enough hot water at 7:00 am when everyone is in the shower? How often do the maintenance staff need to unclog, blow-out, or rod the water supplies and drains?

Get to know the building and maybe, just maybe it will prove itself to be worthy of your affections!
... more
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Fri Apr 4, 2008
Sheldon Salnick answered:
There was newspaper coverage concerning this project. For the facts, I would do a Google Search or talk to the people in the neighborhood for the "real scoop".
0 votes 6 answers Share Flag
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