Affordability factor when buying your Chicago condo

When potential clients contact us to help them buy a home, the first thing we discuss is their budget. Most new buyers state what they are "pre-approved up to"... say $350,000. However, this does not necessarily determine the realistic price range we should be looking in. Your total monthly payment will determine the price range you should look in and will vary depending on many factors.

One must take into account condo assessments, taxes, insurance, and utilities.

Take these two real life condos we looked at recently with clients assuming 5% down payment, 5% mortgage interest rate while close in square footage and location:

Condo A:
$325,000 purchase price plus 462 assessment plus 4674 taxes equals about 2500/month payment.

Condo B:
$387,000 purchase price plus 150 assessment plus nearly same taxes of $4670 equals about 2500/mo.

The "affordability factor" here is the assessment. Condo A has an elevator, attached underground garage, and gas is included in assessment. It's a higher maintenance larger building due to better amenities and will always have a high assessment.

Condo B is a smaller building, walk-up condo with a detached garage spot, gas is not included in low assessment. Maintenance most likely will remain pretty low in cost compared to Condo A.

Despite the $50,000 difference in asking price, you pay the same monthly. So, if your budget is $2,500 a month you can actually look at a wide spread of asking prices accounting for assessment and taxes.

House of the Week: Down home curb appeal in north Lake View

Take a seat and just look at that front yard! These owners love this house at 4012 N Hermitage, Chicago IL 60613 in the far north corner of the Lake View neighborhood. Is it perfect? No. Stairs need a little paint, a few roof shingles out of place. But no doubt there is pride of ownership that draws your eye to this single family home on a block with many gorgeous houses and yards.

The house was saved from the dead when sold in March 2000 for $310,000 as a possible "tear down". It was gut rehabbed and sold in September 2002 for $750K! It sits on a terrific 25x165 lot... extra deep allowing plenty of space for landscaping.

This folksy charmer says "Come on in!". View our House of the Week series by clicking the label below.

Take a driving tour of Northcenter Chicago

Yo Chicago's Joe Zekas braves a drive with me as we discuss my old neighborhood of Northcenter. Here we drive from West Leavitt to West Grace along North Lincoln Avenue and then end up coming back west on Irving Park Road.

Please check out two of our Northcenter homes for sale at:

4055 N Wolcott #302, two beds, two baths for $299,000

4152 N Lincoln Avenue #1, two beds, family room, two car garage asking $449,900

August hotter than July for our Chicago home sales

The hazy heat can't stop us!

Although it was 90 degrees and 99% humidity in July, Bob and I are creating even hotter traffic in August. Our showings have increased already in August since basically crawling through July. Although we did sell a few homes quickly and write purchase contracts in July with our clients, we're poised for more activity this late summer and fall season.

We have advised several clients to get their homes on the market now, or, just after the Labor Day weekend. We still want them to take advantage of low interest rates for potential buyers (below 5% for most of our clients and those buying our listings). Their property, if priced aggressively, will look fresh compared to the places that have been hanging around for months over-priced.

We are looking at one of our biggest months ever in property closings and purchase contracts this September. Please call us for consultation if you are buying or selling property.

West Town's Wicker Park property sold in five days: 1309 N Greenview

We're hot in West Town's Wicker Park with two recent sales back to back... both under contract in less than a week. Both clients worked closely with us on staging preparation and price. They both received great offers immediately, saving themselves the inconvenience of showing their home over and over.

Check out the photos for 1309 N Greenview #3 HERE

We have a new listing for sale in West Town's River West neighborhood at 824 W Superior #609... including heated garage parking for $325,000.

View more photos of 824 W Superior #609 HERE

Best Value in River West Chicago? We got it at $325,000!

We recently listed 824 W Superior #609 in River West for $325,000. For new construction, this is the best value. The unit includes heated garage parking in an elevator building. We don't see a better buy for a top floor private home with unobstructed views.

Walk-up condos in other West Town neighborhoods like Wicker Park can not compare to the level of security, privacy and space you get at $325,000. Give River West a look. You'll be surprised how fast you get to downtown... many people walk and ride their bikes to work in the Loop from this location!

Please call us for details and VIEW MORE PHOTOS HERE

Ravenswood Gardens has curb appeal! Do you?

This center entrance six flat has some of the best curb appeal in Ravenswood Gardens. However, curb appeal can be easier to attain if you're building is currently Plain Jane!

Curb appeal is not just for single family homes. It's important to know how your condo building stacks up compared to other condo buildings in the neighborhood. More importantly, how does your condo curb appeal stack up with buildings that are selling condos in your price point?

Another center entrance six flat with understated, but effective landscaping.

Buying and living in Northcenter, Chicago 60618 for $449,900

Check out this video introduction to the heart of Northcenter Chicago.

We talk a little bit outside on Lincoln Avenue and head into a unique three level condo with two car garage parking for sale at $449,900. My wife and I use to live a block from this location and we are only a mile or so north now. We love all the amenities, restaurants and bars and how easy it is to get to other popular neighborhoods like Roscoe Village, Lincoln Square or Lake View.

4152 N Lincoln Avenue #1, Chicago IL 60618 Part 2 (and no my arm is not that long... just the way I formatted the video!).

While in Northcenter visit Sola for upscale dining, Brown Trout's unique top notch sustainable menu, Brownstone for the games, Red Eyes for coffee and pastries, Martyr's for music, T-Spot for sushi and tea... you name it, it's five minutes away!

Click the "video" label below for more neighborhood and property videos.

House of the Week: We love the Lincoln Park (painted) ladies!

Hello sunshine!

This grande dame at 2418 N Surrey Court in Lincoln Park is all class with a touch of whimsy. Great fence!
Although I prefer hints towards modern architecture and this is more Bob's thing... a pretty lady is a pretty lady no doubt.

From what we can tell, the house was acquired in a bank sale in June of 2001 by the current owners. What a wonderful contribution they have made.

Click our House of the Week label below to view all our featured single family homes...it's fun!

Cook County property tax payers rejoice!

Owners get a "break" with signed tax legislation this weekend:

"The law continues a 7 percent limit in annual growth of a home's value for tax purposes. Chicagoans will get up to a $20,000 exemption on property taxes billed this fall under the law, according to Assessor James Houlihan's office. Without it, the tax exemption would have dropped to $6,000."

Read the Tribune story here.