Home buying tips: Be ready for low mortgage rates

We asked our Chicago mortgage expert Steve Dunnett to give examples of how he's been helping clients with today's low mortgage rates.

Every cloud has a silver lining.

Mortgage rates have fallen to historic lows. I am not allowed to quote rates online but I can say that rates are about as good as they have been in 50 years.

What does this mean to buyers?

Lower interest rates mean real estate just went on sale. In the stock market you want to buy when the market is low and real estate is no different. Right now home prices have fallen, rents are rising and mortgage rates are at historic lows. That is what you call a buyer’s market. None of this matters if you have not prepared to take advantage of lower cost of ownership.

Be Prepared for a great deal to come along.

You would not know it by reading the papers but good deals are already going very quickly. Eric, Bob and I recently closed a purchase for a buyer client where the property appraised $66,000 above the sales price. There were multiple offers but our client secured the deal because they were fully pre-approved and well educated on the market. The selling agent actually called me to discuss their financing before they accepted the contract.

Even in slow markets great deals are out there but they move quickly. If you want a great deal you need to put yourself in a position to get a great deal. Step one is to get pre-approved for a mortgage. Not pre-qualified, pre-approved. Sellers are looking for strong buyers and they know the difference between the two. Step two is to let Eric know exactly where you are looking and what you are looking for... and be ready act when it comes on the market. Great deals will have multiple offers so the seller is not going to wait around for you, be ready.

*Contact Steve Dunnett with mortgage financing questions and pre-approvals at
Steve Dunnett, Loan Officer
NMLS ID: 755940
312-462-7709
www.dunnettmortgage.com

Call or email Bob and me from the contact information to the right of the screen to find your home!

Another new gut renovation sells in Ravenswood

I took this photo of 4706 N Damen in the spring. It's now a successful "flip" gut renovation under contract.

A troubled property and blight on a rather enjoyable retail strip has been renovated and is now under contract.

4706 N Damen was bought as a foreclosure in April 2010 for $250,000 cash. The gut renovated property is now an expanded 5 bedrooms and 4.5 baths well finished luxury single family home on a wide lot. It went under contract in July of this year with an asking price of $939,000.

4706 N Damen is located adjacent to the popular and bustling Perfect Cup coffee house and steps to the CTA Brown Line stop.

The Ravenswood and Lincoln Square neighborhoods continue to be popular destinations for renovation and new construction opportunities.

Chicago Local: Architecture, nature and views in Lincoln Park

It make great sense to offer bike rentals at the nature museum along Cannon Drive and Fullerton at the lakefront in Lincoln Park.

Having a fun family day for mom, dad and the kids is no problem in Lincoln Park. Last week we hit one of our favorite spots along the lakefront where we could enjoy views, nature and architecture.

A visit to The Peggy Notebaert Nature Museum followed by a walk up and down the lakefront parks provides hours of entertainment and exercise. We love it as parents for the atmosphere and architecture. The kids, we believe, get terrific stimulation in an urban environment. There is always something new to see or notice for the first time.

Views from Peggy Notebaert Nature Museum

Gorgeous views and architecture at the nature museum itself.

25 East Cedar in Gold Coast: Rare, controversial new construction update

Bob took these update photos of 25 East Cedar in Gold Coast over the weekend. A wrecking/ demolition permit was issued in June to "WRECK & REMOVE 2 STORY BRICK BUILDING HOUSE". From the current state of partial demolition, it almost looks like a renovation was attempted at first than scrapped. You can see the steel beams, plywood and vapor wrap from our bird's eye view.

It's quite rare to see a new construction single family home in Chicago's Gold Coast. Imagine your single family home practically on Lake Michigan to your east and the bustle surrounding Mariano Park to your west. Carmichael's anyone?

25 East Cedar has been the subject of some controversy in the past as written by Dennis Rodkin in his Deal Estate column. Some folks felt the age of the property and association to Frank Lloyd Wright may merit preservation.

The last five sales of single family homes and two to three unit multi-family buildings have ranged from $1,500,000 for 25 East Cedar shown here closed early this year to $5,300,000 for a double lot renovated mansion at 60 East Cedar sold in 2007. A luxury new construction home was built adjacent to the west of 25 East Cedar in 2007.

UPDATE:

Here are some blackberry camera shots of 25 East Cedar I took on a stop with clients on Friday. I did not have my regular camera, but you can get a little view of the block, a sense of scale of the existing house and the new construction next door.

Home Buying Tips: Mortgage interest rates drop, contact your lender

We recently listed and sold 5137 N Oakley in the Ravenswood neighborhood shown below. The buyers were helped by low interest rates to buy their long term home.

I spent a good amount of time yesterday sending notes to clients and friends about the recent drop in mortgage interest rates. Locking in a sharp drop in interest rates for re-finance or new purchase can mean saving a ton of money. If a re-finance or purchase is on your mind, you need to keep a eye on these rates with your mortgage professional and real estate broker (me).

Last year, my wife and I had very good market knowledge of single family homes in our target areas to live. When a good opportunity on a house hit the market, and rates slipped low, we jumped on the deal. Prior to that while living in our condo, we jumped on a dip in low mortgage rates to re-finance our loan and saved a lot of money. With the right education, you can be ready to capitalize. Check with your lender or one of our preferred lenders to see what makes sense for you.

For Sale: Million dollar views at 600 N Lake Shore Drive

There are about 30 units listed for sale at 600 N Lake Shore Drive in our MLS with prices ranging from $399,000 to $1,850,000. There are luxury units for rent as well.


Recently, Bob and I viewed some units in the newest construction building with a Lake Shore Drive address. 600 N Lake Shore Drive was developed by Belgravia Group in 2008. It's pre-sales were very good but there is still a handful of developer units that can be purchased and possibly still customize. Re-sale units available in the towers as well.

We took these photos from the terrace on a high floor 3 bedrooms, 3 baths model unit. The asking price was around $1,200,000. The views and lifestyle are terrific from this unit and location.

600 N Lake Shore Drive was built with modern amenities in mind for today's lifestyle. We toured the common sky deck and took a look north down the lake shore.

Amenities include a 3,000 sq ft fitness center, 24 hour doorman, live-in engineer, manager, 2 rooftop terraces and private event rooms with full service kitchen, 10th floor sculpture garden, onsite business center, media lounge, commissary, valet cleaners, bike room and storage (Belgravia MLS listing).

Bob and I represent buyers looking for a great Streeterville lifestyle. We will find the right building and budget that will work for you.

Enjoy boating, the beach and little secrets like Olive Park right outside your door!

YoChicago.com also has great information on 600 N Lake Shore Drive

2011 Wicker Park, Bucktown duplex condo sales up (a little), median -12%

Check out our Wicker Park duplex with garage parking and HUGE deck at 1250 N Wolcott $409,000!

We watch the Wicker Park and Bucktown markets in the West Town community area for our clients closely. Here's a look at duplex home sales this year in Wicker Park and Bucktown. Duplex condo homes are preferred by some as they may offer more privacy with separate levels and, in most cases, offer more square footage.

For the greater Wicker Park, Bucktown boundaries we're using 1000-2000 North and 1600-2400 West. Most of our buyers looking in these neighborhoods want to be within this "square".

57 duplex condos sold in Wicker Park, Bucktown in the first 7 months of 2011 (January through July). This was up 3 units over same period in 2010. The median price was about $400,000. This was down about $57,000 (-12%) from same period 2010. All the units were a minimum of two bedrooms and two baths.

The highest sale was $1,575,000 for a 4 bedrooms, 3.5 baths contemporary penthouse in Bucktown built in 2008. The three unit building has one other residential unit and one retail unit on the ground floor. This about tripled the second highest closing of $550,000.

The lowest duplex sold was $259,000 for a 3 bedrooms, 2.5 baths bank owned newer construction unit at busy Armitage near Milwaukee.

Buying in Lincoln Park: Client nabs two beds, deck, garage parking...location!

We recently represented a client purchase on a two bedroom one bath condo that closed for $272,500 in a quiet Lincoln Park location. The boutique condo building is tucked on a gorgeous block surrounded by multi-million dollar homes... yet close to the action.

We look for condos that fit the lifestyle of our clients within their budget. This particular condo stood out as it was priced under $300,000, had a large private deck, extra storage, garage parking and in-unit washer and dryer. It also featured a maple and granite kitchen with island and great windows. The boutique building is only 4 units and the unit had great tree lined views of Schubert Avenue.

Looking at the market over the past year, it's difficult to get all these condo features in Lincoln Park well under $300,000 PLUS have a location only two blocks from the CTA Brown Line. Just researching and viewing comparable sales, you usually have to forgo parking, views, washer dryer or deck... something. However, this place had it all on a gorgeous block. Congratulations to a happy client.

Lincoln Park condos are more affordable than in years. Contact us for your possibilities.

Experience Lincoln Park 2520 amenities

We enjoy showing the progress of Lincoln Park's most significant luxury development.

We took this photo over weekend of the progress at Lincoln Park 2520 between showings. No matter how many times a week we pass by the foot of the luxury development, it seems like major progress has been made.

The impressive 39 floor tower and 19 town home residences provide "A wide range of home options - from 900 to 8,500+ square feet. Enhancement of selections through a program of combinations".

Visit the amenities and fact sheet pages of Lincoln Park 2520. Some of the standout amenities included in the assessment:

Concierge
Private Park
High-speed Internet
Tot Lot
Fitness Room
Steam Rooms and Saunas

For Sale: Own your attached garage parking in Lakeview duplex

It's rare to get attached garage parking in a small building in Chicago. We have a Lakeview duplex listing with attached garage parking in a prime locations.

3127 N Clifton asking $424,900
Upgraded kitchen w/ Viking Range
Stone tile master bath w/separate shower
2 beds plus large upper level family room
2 1/2 baths
Attached garage
Private and large common decks
3 unit condo association with great reserves!
Steps to CTA Red Line, nightlife, neighborhood amenities

See more property details HERE!

Watch the Video Tour HERE!