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Home Buying in Near North Side : Real Estate Advice

  • All149
  • Local Info13
  • Home Buying46
  • Home Selling16
  • Market Conditions16

Activity 27
Wed Jan 23, 2013
Dan Simon answered:
Title insurance should not be required on a cash purchase.
0 votes 17 answers Share Flag
Mon Jan 27, 2014
Tony Guisto answered:
I am an Investor and have some available. Need to know what your looking for single family, multi-family, section 8 etc..... You can call, text or e-mail me for more information.

Thanks,
Tony Guisto
Solid Solutions Real Estate and Investments, Inc.
708-942-7039
redhotrei@hotmail.com
... more
0 votes 15 answers Share Flag
Thu Sep 6, 2012
Philip Sencer answered:
I do not see the address, but just call and ask.
0 votes 6 answers Share Flag
Wed Oct 12, 2011
Philip Sencer answered:
Not unless you have lots of money and do not care how its spent. While it is located in one of the best locations in the city it is a very high maintenance building and no parking. Values are high relative to other buildings in the area yet resale values, even before the bubble broke, were not so hot. It is a lovely vintage building, but the pool for potential buyers will always be limited making supply-demand week for sellers which negatively affects value. ... more
0 votes 6 answers Share Flag
Sat Nov 5, 2011
Ryan Gossett answered:
I would definitely buy, if we can find you something that offers same quality of life for less. Let me know if you want me to try.
Best,
Ryan Gossett
Ryan@atproperties.com
0 votes 9 answers Share Flag
Wed May 29, 2013
Philip Sencer answered:
I tell clients to avoid new construction/conversions that were started during the bubble years because the cost/revenue projections went out the window when the market changed. Do not believe it when they tell you they are 70% or whatever sold. They play with the numbers big time and people are walking away from their deposits to get out. I have seen prices drop up to 30% in some of the newer projects just to unload them.....but not in these buildings......yet. I just do not believe the cost/sf is justified most of the time and would think that you could find a very nice deal in a more established building that does not have the future risks. It is impossible to understand what values will be in a few years. There just has been a huge over developement in this area. If the supple/demand is not in balance, prices will be flat or go down depending on the motivation level of the seller.
I have been unimpressed with the floor plan/layout of the Fordham, but have not seen any 3 bedrooms. I also do not work that much in the 1M price point so cannot comment beyond this.
Good Luck.
... more
0 votes 5 answers Share Flag
Wed Dec 3, 2014
Mike Opyd answered:
It is difficult to get a loan in these buildings because of the CHA units there. Many lenders will not do a loan there but there are lenders who will. The only real downfall is resale is a little more difficult because of the loan difficulties. If you need a recommendation for a lender who will do a loan there let me know. ... more
0 votes 1 answer Share Flag
Sun May 9, 2010
Philip Sencer answered:
Not having any real clue as to what values really are or what they might be going forward is probably one of the big unknowns. This is an extremely difficult market for this price point and this building was constructed during the bubble years (2004-05) so the prices people paid may not be holding up now. I would watch the comparables very carefully. ... more
0 votes 2 answers Share Flag
Fri Apr 30, 2010
Philip Sencer answered:
I am not aware of anything really negative about the building although some of the units are rather small and non functional. Others are fine.


philip
0 votes 3 answers Share Flag
Thu Feb 25, 2010
Matt Laricy answered:
I like this building. Although, we as agent cant comment on safety, I can tell you there is a doorman for the building. If you are questioning the safety check out chicago crime by block. Also visit it at different times of the day including late at night, and see if you feel comfortable.

I think the building is in great location for clients of yours to stop by. The parking over there can get a little congested at points though.

I also like the different styles they offer. They got loft like units there as well as units that have floor to ceiling glass windows.

Your best bet is to check it out. Have your agent set you up with an appointment. If you are not working with an agent, go get one. Its free to use and this way you will have someone to walk you through the buying process.

Matt Laricy
Americorp Real Estate
Brokers Associate, e-PRO
mlaricy@americorpre.com
708-250-2696
... more
0 votes 3 answers Share Flag
Tue Jan 19, 2010
Philip Sencer answered:
I do not think there is a clear answer. It really depends on the building. VIntage buildings probably are consistantly built better with respect to soundproofing in terms of high rise, not necessarily low rise. Some of the buildings built in the 60-70's were poorly constructed and some are more solid......same for new construction. The location of the unit within the building can also play a part.
There are other issues to consider besides sound proofing. If you have a particular building in mind, I might be able to give you a better answer.

philip
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0 votes 6 answers Share Flag
Thu Mar 2, 2017
Daniel Cullen answered:
If you're referring to the Mies Van der Rohe buildings on LSD then one thing that leaps to my mind is that the windows (and there are a lot of windows!) are single-glazed and relatively energy INefficient.

I was told by some building mgmt people at the building that they cannot be upgraded to double-paned or thermally glazed windows because the spandrels that support the windows can't support the extra weight they would impose.

Good luck!
... more
0 votes 15 answers Share Flag
Fri Jan 8, 2010
Jennifer Ames answered:
Not likely! According to Crain's Chicago Business on December 21, 2009 they cannot get funding.

http://www.chicagobusiness.com/cgi-bin/mag/article.pl?articleId=32828

I would not count on it, at least not in this economy.

All the best,

Jenny
... more
0 votes 2 answers Share Flag
Tue Oct 6, 2009
Sandra Matson answered:
JB.

Here is the information from my blog regarding income limitations.

There are income guidelines on the credit. Individuals with an adjusted gross income up to $75,000 (or $150,000 if filing jointly) are eligible for the full tax credit. The credit is phased down for those earning more and is not available for those with an income above $95,000 (or $170,000 if filing jointly).

If you would like to read the complete post, you can find it at the link below. And if I can be of further assistance, please do not hesitate to contact me. Don't forget...you only have a couple of weeks to have a home under contract if you wish to take advantage of the credit.

Best,

Sandra Matson, CRS, GRI, ABR, ADPR
Baird & Warner
Sandra@ChicagoMetroLiving.com
Direct: 312.981.2315
... more
0 votes 4 answers Share Flag
Mon Sep 14, 2009
Scott Newman answered:
You should read my blog on the subject which you can find on my profile.

In the meantime, look at it this way...

Would you rather find out there's a problem with a car you�39;re going to buy and have the seller pay for it so it's totally fixed prior to the purchase being made or would you rather going into the sale blind and hope there's not problems down the road?

Pay close attention to the 22.1 disclosure which will tell the tale of the building. Special assesments are not necessarily a bad thing and if the work is done right- it should be one less things to worry about for years to come.
... more
0 votes 6 answers Share Flag
Mon Jul 27, 2009
Nike (Nikki) Fasanya, aka Nike Knows Mortgages! answered:
The minimum score as at today is620 to get a loan. A lot of other factors are considered though, in the approval process.
If you don't want a generic answer, you may want to call a Loan Officer and get preapproved based on your specific profile.
Please find out a few things about the condo though - is it Fannie Mae or Freddie Mac or HUD approved? How many units are rented out? Is there a First Right of Refusal for the Condo Association?

These and other questions would affect your ability to buy whether you qualify or not.

Good luck and I hope you find the best resources available to you.

Nike ("Nikki")
... more
0 votes 1 answer Share Flag
Thu Jul 23, 2009
Maria Clark answered:
Are you a first time home buyer? If so, Did you check Freddie Mac and Fannie Mae's web site? There are tons of incentives that can help you. Let me know if you need any thing else.


Sincerely,
Maria Clark
Infinity Realty Group
immariaclark@yahoo.com
mariasellsrealty.com
... more
0 votes 4 answers Share Flag
Wed Jul 22, 2009
Laura Gaan Lattin answered:
Hello Marilyn,
The assessments are going to vary depending building. Many of the buildings in the Gold Coast are older so the assessments will be higher due to the higher costs associated with maintaning the building. Not all buildings in the area have these higher costs though. I'd be happy to email you buildings with lower assessments. How much are you looking to spend and how many bedrooms do you want.
Sincerely,
Laura
lauralattin@atproperties.com
312-560-9691
... more
0 votes 5 answers Share Flag
Thu Apr 2, 2009
Dp2 answered:
Although I didn't know about the Fannie Mae 70% sold rule, a business partner and I spoke with a commercial hard money lender on Friday about a scenario similar to the one you're asking about (a condo in a new development [a high rise]). That lender wanted the building to be at least 80% sold and 80% owner-occupied--even though my partner intends to rent the condo.

Yes, some developers have had to slash their prices in order to move some of their inventory.

Let's face, right now, some lenders--although many of them won't admit it openly--treat condos like Superman treats kryptonite: they avoid them.
... more
0 votes 5 answers Share Flag
Mon Sep 8, 2008
Eric Marcus answered:
According to a timetable I saw on an old 60 minutes episode, all buildings are slated to come down by the end of 2009. Based on the progress all over town, that sounds about right. See the source below.

http://www.cbsnews.com/stories/2002/12/11/60II/main532704.shtml

In the article they speak of North Town Village which was the first project which has been a wild success. People that bought in while the buildings were still up in most cases have made a fortune! I am a big fan of Parkside of Old Town.

You could probably call Aldermen Walter Burnett's office of the 27th Ward to get a better idea of the exact timing. 312-432-1995.

I am a big fan of Parkside of Old Town.
... more
0 votes 3 answers Share Flag
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