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Home Buying in Lincoln Square : Real Estate Advice

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  • Local Info4
  • Home Buying7
  • Home Selling2
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Activity 6
Thu Feb 26, 2015
Matt Laricy answered:
After two years you can start the paperwork. Typically takes at least 3 years though.
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Wed Feb 25, 2015
Dan Chase answered:
Look at the site below. Chicago is overpriced and expected to go down in price.
http://www.housingpredictor.com/illinois.html

The federal backed tax credit, low mortgage rates and lower priced homes triggered the spark in sales in Chicago, but in the Windy City things are well known to be explosive, especially when it comes to anything that deals with politics. The political winds change all the time in Chicago and it will be a long battle before housing markets in Illinois come to a point of stabilizing.

The upward momentum in home sales will be extended with the expansion and extension of the home buyers' tax credit into spring time. The impact of the government back stimulus program has given the Chicago market a move in the right direction. But in Chicagoland home prices are still falling and they will be on that path until the market finds footing to stabilize. Chicago home prices are forecast to deflate an average of 10.2% in 2010.

Perhaps waiting would make sense. Prices should drop and houses become more affordable. Either way, you now know something you did not before.
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Wed Feb 25, 2015
Alan May answered:
New construction condos are an entirely different animal these days. Typically, they're priced at a fixed price, and don't like to accept reduced offers. In today's market, however, even new construction has been driven to accept discounts.

You'll have an easier time negotiating "extras" (ie: granite, stainless steel, hardwood flooring, upgrade appliances, whirlpool tub) than price, because the developer doesn't want your "discount" to show up on the sale price. If others who've purchased for full price, in your development, catch wind of your discount, they might be a little irked, and the reduction of your price is public records, but the free, or discounted upgrades do not show on public record.
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Wed Feb 25, 2015
Michael Danek answered:
You are correct in thinking appreciation will be slower on a busy street. Streets such as Ashland, Western, Clybourn are all busy streets and you will normally get more bang for your buck, but you may also have a harder time selling the property b/c some buyers do not even want to look at properties on those streets.

The one caveat would be if the property faced away from the street, so you wouldnt hear the street noise from the unit.
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Fri Aug 8, 2008
Janet Reich answered:
Hello! I have a buyer client that bought a townhome here. Overall, they are pleased with the development. Newhaven has been reputable, but as with all developers, some things just always take longer to get finished post close. It is a nice community and is close to all the great amenities Lincoln Square has to offer.

If you are thinking of putting an offer in, they were not coming down in price too much, but you could get a nice closing credit if your lender approves!
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Wed Feb 25, 2015
Ida Mccarthy answered:
Your attorney is the only one who can help you. You have to read the contract. Was your daughter represented by a realtor? If so, our contracts ALWAYS include a home inspection clause where you can get out of the contract. Or did you buy directly from the builder? If so, builders use their own contract and sometimes they are so one-sided, the buyers don't have any legal recourse. Hopefully you have a strong attorney who will help you out of the situation. ... more
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