Britta Rivera Venture

CHICAGO REAL ESTATE NEWS & MORE

CHICAGO’S LAKE FRONT LUXURY…RENOVATED HOME $1.8M ; JUST 42 STEPS TO THE LAKE IS A RARE FIND!

Published 8/16/14; written by Britta Rivera

Chicago has amazing opportunities for luxury homes, but this unique completely renovated residence is a rare find.  Local developer’s found a spectacular gem to renovate and it’s just 45 steps to the lake, near Loyola University Campus.  Rest assured, this is a must see for the most selective buyers and is listed for $1,845,000.

1052 Albion, Chicago

This impeccable gut rehab offers 6000 square feet of amazing space which includes; 7 bedrooms, 5 1/2 baths, sitting room, study, heated sun room and 3-car garage.  The master suite allows you to enjoy Chicago’s beautiful lake view.  Huge deck is great for entertaining and tree-lined off-set street offers privacy.

The interior finishes are breathtaking; with top-of-the-line appliance package, custom cabinetry, granite, hardwood flooring, luxury baths with whirlpool tub, heated flooring, along with dual zoned heating.

It is truly the best of both worlds; historic brick exterior with newly renovated interior.  It’s also within walking distance to the lake, tennis courts, rowing and neighborhood shopping, which offers conveniences at your fingertips.

Since it’s such a unique find, interest level is certain to be extremely high.  Feel free to contact Britta Rivera Venture today at britta.rivera@comcast.net or call 312.806.3297 for details.  Only qualified buyers will be invited for an exclusive tour, so make sure to have your financing in order before setting appointment.

Ready for move-in fall 2014. 

August 16, 2014 Posted by | CHICAGO REAL ESTATE, NEIGHBORHOOD SCOOP | , , , , , , , , , , , , , , , , , , , | Leave a comment

2011 HOUSING MARKET: TELL THE MEDIA TO “SHUT THE FRONT DOOR!”

The housing market is still in recovery mode, but this is actually great news for potential buyers.  While many homeowners have decided to short sale their homes and foreclosure properties are coming on-line daily, it offers incredible deals for buyers.  A recent top bank executive suggested 800,000 more foreclosures may be released in Illinois, during the first quarter of 2012.  Unfortunately, this is a bad situation for sellers and banks but it is an amazing opportunity for someone looking for superior pricing.  However, the media seems to only promote the negative aspect of the current housing market.  It makes me want to scream “SHUT THE FRONT DOOR!”

It is shocking to hear all the negative press about the stale housing market and very little about the historically low-interest rates and record low housing prices with savings up to 50% off.  Why aren’t they pushing the fact that this is the BEST time in history to buy on a daily basis?

The rental rates in Chicago have continued to rise at a record pace, some saying by about 10% by years end.  This is a ridiculous amount for the average renter and they are beginning to feel the pinch.  Who wants to pay over $1300 for a one bedroom and over $2000 for a two bedroom in the city when you can own for that amount?  It makes me sad each time I rent a home to a well qualified potential buyer, because it is clear they could purchase a home with a much lower mortgage payment than the rent they are willing to pay to a landlord.  Unfortunately, the media has scared them into becoming a renter so some are hesitant to buy.

While it is clear, some renters are just not yet in the position to buy a home, some networks give the impression the banks are not lending at all.  Additionally, they make you believe you need a huge down payment to qualify for a loan.  Is this a scheme to discourage  people from buying?  Why not talk about FHA (3.5% down) loans available on many homes, offering more relaxed guidelines?  Or NACA (Neighborhood Assistance Corporation of America) which is a non-for-profit organization offering extremely flexible loans with some of the LOWEST INTEREST RATES and no money down to qualified buyers?

Multiple neighborhoods throughout the city offer two bedrooms originally priced at $300k now selling for under $100k.  Why wouldn’t anyone  jump on these deals versus renting?   Well, there are many savvy buyers doing just that, and they smile each day they walk into their new home.  This is especially true for those who may have lost their home in a short sale a couple of years back; while they may have lost hundreds of thousands of dollars in that transaction, the bank probably took the bulk of the loss if not all of it.  These buyers can now feel redemption in buying a new home at a great price.

In the end, with all the boarded up foreclosed properties scattered throughout the city, it’s disappointing that the banks and Government did not come up with a better plan.  Had they taken the stimulus money and truly offered loan modifications to more homeowners, we probably would not be in this mess.

WHY DO YOU THINK THEY ARE NOT ENCOURAGING BUYING RIGHT NOW?  Why aren’t banks running a marketing campaign promoting loans available in the current market?  Do they want less mortgage loans on their books?

It is important to read this INCREDIBLE ARTICLE ON TOP REASONS TO BUY A HOME RIGHT NOW.  If you are interested in a list of available residences in the Chicagoland area start viewing incredible homes or register hereIn the years to come, you will be glad you did.  If you would like more information on NACA home buying programs, please call 312.475.4548.

September 5, 2011 Posted by | REAL ESTATE NEWS | , , , , , , , , , , , , , , | 12 Comments

CHICAGO RENTS CONTINUE TO RISE, WHY NOT BUY?

Chicago area rents have continued to climb during the past year.  While many renters scramble to find the “perfect” rental in the city, they often find themselves out of luck for two reasons.  The first reason is the huge increase in rental rates at A+ buildings, many renters just cannot afford to pay the high premiums.  The second reason is apartments in the city are being rented faster than ever before.

Renters in search of a home have found themselves losing out to the highest bidder, and find the lack of inventory astounding.  If you want a two bedroom in the downtown market for under $2000 per month, good luck!  And if you happen to find one, you better act quickly or it will be gone.  Many renters are also staying put, so there is slim pickings and getting tighter by the day.  It is not unheard of for a rental to go on the market on a Monday, and be gone by Friday.

One more important thing to note; the requirements for renters are becoming almost as strict as getting a loan.  Have a pet? Expect to cut the available units in half, or get ready to put down a $500 pet deposit, if lucky enough to find an apartment allowing pets.  Have mediocre credit?  It may put you to the back of the line, and yes…multiple offers is common.

But this all raises the question…why are so many paying exuberant rents when they can own for far less in many scenarios?  Well, the fear put into them about the continued decline in pricing is probably the source, but in reality does this make sense?  If the general public would go back to the original tradition of the “American Dream”; essentially owning a home and stop worrying about the home values, maybe they would think differently.  While it is also a fact, many have declining credit scores and are fearful of getting a loan, there are still FHA loans available and believe it or not, banks are still offering conventional loans.

According to Crain’s and Appraisal Research, rents at downtown buildings are already well above the highs of the last boom and are likely to continue to rise.  Class-A  properties have already seen a 9.5% increase from a year ago.  Will this now create a “rental bubble?”

In the coming years, will renters realize the point of owning a home was to invest for the long-term instead of feeding thousands into a landlords pocket?

How long will renters continue to dump money into a bottomless hole?  Well, since this type of depressed housing market has not been experienced in the history of reporting, only time will tell.  Let’s just hope the incredible “once in a lifetime” deals are scooped up by the buyers thinking about their future.  In my opinion, it still really is a great time to buy, no matter what we are all being told.

READ FULL STORY  IN CRAIN’S

August 15, 2011 Posted by | CHICAGO REAL ESTATE | , , , , , , , , , , , | 2 Comments

   

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