Chicago River North Real Estate & So Much More!

River North Condos| River North Real Estate Data| River North Homes

RIVER NORTH REAL ESTATE MARKET DATA| RIVER NORTH CONDOS| RIVER NORTH HOMES

The Chicago River North Real Estate Market has been watching the prices for River North Condos and River North Homes fall over the last year.. This isn't breaking news because the entire country is pretty much facing the same problem.  Some River North Condo buildings are in worse shape than others due to high levels of short sales and foreclosures (ie. Ontario Place, Millenium Center, The Sterling) All of which you can get info about in my blog!

River North Real Estate Data
(As Of Jan 2012)

Current Number Of River North Condos For Sale:  710
Prices Range From $125,000--$8,900,000

Current Number Of River North Homes For Sale: 4
Prices range from $4,500,000--$5,900,000

Number Of River North Condos Sold in Jan:  31
Prices Range From $95,000--$1,650,000

Average Listing Time: 150 Days

Current Number Or River North Short Sales and Foreclosures For Sale: 110

Number Of River North Homes Sold In August:  0 

For all of your River North Real Estate needs, please contact me any time day or night! Let my River North Real Estate experience and knowledge work for you!  Contact me today for a free market analysis to see how much your River North Home is worth!

Jim Kontos
President-Broker-River North Real Estate Expert-River North Condos Expert! 
RE/MAX 1st Class
RE/MAX River North
Cell 630 327 9136
Office 847 674 9797
Office 312 643 2087
jpkontos@gmail.com
www.rivernorthhomes.com

there are several river north realtors out there to chose from, but only a handful of these river north realtors can provide you with results that I can!
 

 

River North Short Sales| Chase Bank Short Sales| Chase Bank Short Sales Packet Requirements

Chicago Short Sales| Chase Bank Short Sales| Chase Bank Short Sales Packet Requirements

Todays River North Real Estate blog post topic is what Chase Bank requires for their short sales package.  As I have stated in previous River North Real Estate blog posts, every bank has different requirements as far as what they want in their short sale packages.  Granted there are certain requirements that every bank asks for in relation to their short sale packages, but there are certain items that some banks ask for while others dont

The following is what Chase Bank requires for their Short Sale Information Package

1) Two most recent pay stubs ( 2 for each borrower if W-2)
2) Length of service with current employer (if employed)
3) Two  most current Savings/Checking  statements
4) Last two years of Tax Returns
5) Current Utility Bill ( for proof of occupency)
6) Completed 4506-T request for transcript of Tax Retur
7) Hardship Letter
8) Completed request for Consideration of Short Sale Form

9) If the loan is Non Escrowed
     A) Copy of the most recent property tax bill with a copy of the cancelled check for all
           applicable taxes
     B) Copy of the current insurance declaration page
     C) Proof of payment of Homeowners Association Fee (if applicable)

10) If Non-Owner Occupied
    A) Rental income with copies of rental agreement if a tenant resides in property
    B) Amount of principal, interest , insurance, and homeowner dues for primary residence
    C) Primary Residence Address 

11) 1099

12) If You Are Self Employed
   A) Profit and Loss Statement/Audited or reviewed YTD income statement
   B) Last two year Income Tax Return, 1099's
   C) Last 4 months complete business and personal bank statements

In addition to these items, your realtor will need to provide the bank the follwing:

1) 3rd Pary Authorization Letter
2) Signed Listing Agreement
3) Sales Contract
4) Detailed listing history of your property
5) 3 Comparable Active and Sold Listings
6) Preliminary Hud-1 Statement 

For More Information Click On The Chase Bank Short Sales Page Link

 

Questions To Ask When Buying A Condo| River North Real Estate| River North Condos

Questions To Ask When Buying A Condo| River North Real Estate| River North Condos

You have been looking at River North Condos for weeks with your real estate professional(hopefully me) and you finally found the one you want. Before you contract to purchase your River North Condo or a condo anywhere else in the city or burbs, you should try to obtain and review the condo declaration and by-laws of which I mentioned in my last post.

Keep in mind that many times sellers will not give buyers their condo declaration and by-law info until they have a signed contract. So generally buyers will get the condo declaration and by laws from the sellers when they have a signed contract.. You may also want to review minutes of recent board and unit owner meetings and newsletters to be better informed regarding the happenings of the association..

If you buy a condo unit from a developer, the developer MUST GIVE YOU a copy of the declaration, a floor plan of the unit, and a current condo association budget.  if these items are not given to you when you sign the purchase contract with teh developer, Ilinois law give ou 5 days from the date you recieve these items to cancel the contract

Other questions to ask when reviewing the above mentioned documents are:

1) Will you be guaranteed the use of a parking space? If so is it a seperate unit or a common element? Is the parking deeded? What costs are involved

2) Are there restrictions on owning a pet? Are there additional pet fees?

3) Are there any restrictions on use? i.e can i use my condo as a business office?

4) Does the association maintain Reserves to pay for unforeseen expenses or to provide for future maintenance and repairs?

5) How much money does the association have in reserves

6) Are there any current or pending Special Assessments that have been implemented

7) Does the association plan any increases in the Monthly Assessments as a result of major repairs or replacements?

8) Is the condo building Adequately Insured?

9) Are there any lawsuits or liens against the association?

10) Are there any restrictions imposed on the Sale or Leasing of Units?  

11) Does the association have a Right Of First Refusal?

12) What percentage of the condo building is Owner Occupied?  This is very crucial to getting financing for your condo unit.. If there is a large amount of renters in your building, your lender will not be able to get you financing for your condo

13) What do the Monthly Association Fees include?

Looking to Buy or Sell a River North Condo or home? Or just want to speak to an experienced Chicago River North Realtor? If so, please CONTACT ME any time day or night ! Let my

Jim Kontos
President--Broker--River North Real Estate Expert--River North Resident--River North Short Sales Expert
RE/MAX 1st Class
RE/MAX River North
Direct 630 327 9136
Office 847 674 9797
Office #2 312 643 2087
jpkontos@gmail.com
www.rivernorthhomes.com
www.mychicagoshortsalesite.com
www.jkontos.illinoisproperty.com 

 

 

 

Superior 110| 110 W Superior| River North Condos| River North Real Estate

 

RIVER NORTH CONDOS| SUPERIOR 110| 110 W SUPERIOR| RIVER NORTH REAL ESTATE

River North Condos are the topic of todays post! Located  @ 110 W Superior in the Chicago River North Neighborhood, the River North Condos at 110 W Superior are some of the sharpest looking condos not just in the River North area, but all of Chicagoland.  The exterior of the building with the blue stained windows is straight out of south beach and there are several nice layouts in this building.. To get a more thorough view of the condos at 110 Superior, check out my other post on this building.

This video was brought to you by my friends at YoChicago..  The link to this video can be seen on YoChicago's Youtube page.YoChicago is a great real estate website with insight into all the neighborhoods of Chicago and real estate statistics. The majority of the videos on my blog are taken by myself, but from time to time I utilize video from my other real estate friends  

T view the River North Condos at Superior 110 or for all your other River North Real Estate needs, please feel free to contact me any time day or night! Let my real estate experience and knowledge work for you!

Jim Kontos
President-Broker-River North Realtor--River North Condos Expert
RE/MAX 1st Class
RE/MAX River North
Cell 630 327 9136
Office 847 674 9797
Office #2 312 643 2087
jpkontos@gmail.com
www.rivernorthhomes.com
www.jkontos.illinoisproperty.com 

There are several River North Realtors out there to chose from, but only a handfull of these River North Realtors can get you the results I can get you!