Even if you’re not in the market for a move and are happy just where you are, Chicago’s current real estate market is enticing more and more to become landlords. Real estate investors. People who buy real estate not to flip but to hold long term for appreciation and having someone else pay your mortgage for you. Have you thought about investing in Chicago real estate and if so, what are some of the considerations?

Cash Flow. There’s no reason to buy real estate for the long haul if you’re going to have to spend more money each month than you get back. Occasionally that will happen at some point if your property is currently “in between” tenants but there’s enough on someone’s plate other than being upside down on a rental house. The first consideration is whether or not you’ll cash flow each month after your purchase, and with interest rates where they are today, that’s easy to do.

Management. One aspect of being a landlord is that you’re, well, a landlord. You can remember when you rented your first apartment and the garbage disposal quit working? Or there was no hot water? Of course, you called the landlord. When you own property and manage real estate, you will at some point be asked to fix something. Yet that’s not a feature unique to a rental; every home at some point needs maintenance. However, if you’re not in the mood to fix a tenant’s shower over the weekend, you can always hire a management company that will take care of everything from vetting tenants to unclogging drains.

Property Type. Rentals aren’t immune to various types of property, location and function. Is a downtown condo a good idea for you? How about a loft near one of the universities? Do properties near an eL line command more rent than others?

As with any real estate purchase, there are a myriad of considerations. If you’d like to know if you’d make a good landlord, call me. Let’s talk about the possibilities.  With the combination of real estate prices bottoming out while mortgage rates are still low, it might be the best time ever in Chicago to become a landlord.

Check out our Chicago investment properties page.

The post Being a Landlord in downtown Chicago appeared first on Downtown Chicago Real Estate.

For the last four years, Prudential Rubloff real estate has consistently received the Gibraltar Circle Award, given out annually to the top 50 franchises in the country based on gross commission income.

 “When they started, they weren’t even in the top 50,” Rick Sobin, vice president of Prudential Rubloff says. But as their sales rose, so did their spot in the Gibraltar scale.

Sobin says then three or four years ago, they made it to number 34. Then they got up to number 22, and eventually to 13 or 14, and now they are number 7, he says.

 Prudential Rubloff serves clients all over the state, from the South Side, to the far North Shore of Chicago, to Lake Bluff, and even out as far as Wheaton.  In 2012, Prudential sold 5,400 homes at a rate of 450 per month, according to Sobin. The Gold Coast headquarters sells 100 homes per month, and Last year, they sold 1,200 in total.

This century-old company’s headquarters, a quiet, elegant office located at 980 N. Michigan in Chicago’s affluent Gold Coast, is one of the top three Prudential offices in the Midwest, and it produces the highest volume of all the other companies in the area. This location, referred to as simply “Gold Coast,” is a force in the industry, producing the highest average listing prices, and the highest average sold prices out of all the companies in the community.

 There is no typical day at this location.

“Some days you’re working with clients, helping them get deals together,” Sobin says. “Some days you’re working with agents, helping them get deals together. Some days you’re working with the staff to try to help them be more efficient. Some days you’re working on your bottom line, trying to make the company more efficient. So, every day is a little juggling act.” He says.

Christine Hancock, from the Lincoln Park office, who has been in real estate since 2002 and with Prudential since 2005, says that most days, the agents are out of the office showing properties to clients. But if they are in, they mostly work on files and sort through emails.

“I have a website, myself, and I try to write blog articles because I get a lot of exposure from my blog articles.” “I’ll talk about what’s recently sold, interesting new properties on the market.”

 Most of the realtors in the office generate their sales from referrals, as well as their websites, and some from their blogs.

 I’ve had my blog set up from the very beginning, If you search any of the downtown neighborhoods, where I mostly concentrate on, my website pops up.

In just the first four months of this year, I am over well half of my total production for 2012. I contribute that to working for the best real estate company n Chicago, Prudential Rubloff. I had a couple who recently listed, and their home sold in nine days.

 Reflecting back on Prudential’s beginnings, going back to 1875, Prudential was called the Widow’s and Orphan’s Friendly Society. Rubloff started in 1930 by Arthur Rubloff, which operated independently of Prudential as another real estate company. In 2007, Michael Pierson, now the president and chair, and Chris Eigel, now CEO, bought a company called Prudential Preferred Properties. They started out with just over 100 agents, and with time, and a lot of elbow grease, they built themselves up, acquiring around 550 agents.

 In 2009 Prudential Preferred Properties purchased Rubloff, and today the Prudential Real Estate Network is one of the largest real estate brokerage franchise networks in North America, with roughly 850 sales associates within the company, Sobin says.

 In the past three years that Sobin has been the senior vice president of the company, he has seen many changes. He’s seen everything from a robust market, to a declining bear market, to a currently improving market.

 “I was in the business for a couple of the really good years,” Sobin says.“So I saw some really fast-moving sales and people making a lot of money quickly to five years of short sales, foreclosures, a down market, price declines—a really rough time,” he divulges.

 During the housing bubble, Prudential, like many other real estate companies, had to find a way to stay afloat, which meant downsizing.

 “It was a definite uphill battle which required us to make some tough decisions,” Sobin says. “It required us to run lean, it required us to do the jobs of multiple people.”

 But they managed to continue to grow, even while other companies were losing money fast, and ultimately going out of business.

 Sobin says the biggest challenge in Prudential Rubloff’s path to success was maintaining all of their agent services.

 “You don’t want to cut services that are going to make it harder for your agents to do business,” Sobin explains. “So you look for other ways to consolidate. Negotiate better leases, give up some square feet in your office and run with something a little smaller.”

 Sobin believes the real estate market is definitely growing.

 “You know, the one thing that never changes is we have more and more people on the planet every year and they all need a place to live, Sobin says.“Whether it be a rental or whether it be a house, the more people we have on the planet, the more places we need for people to live.”

 He says that Prudential has “tremendous agents and management,” and that he sees “high growth in the future.”

 As for this company, staying on top is in their blood.

 “Companies really end up acting like their leaders do,”Sobin says. “The professionalism and the dedication of the owners directly affect how the company operates and what their reputation is. The fact that we have two highly dedicated and highly effective owners really helps us be a strong company.”

 About Arthur Rubloff

Arthur Rubloff is a well known pioneer of the modern-era Chicago real estate industry, being credited as “the man who changed the face of Chicago,” and for creating the nickname “Magnificent Mile.” Among long-time real estate professionals, while some didn’t like Rubloff’s gruff, brash attitude and brazen capitalistic manner, he was respected for his business acuity and ability to recognize profitable markets and properties. Arthur Rubloff was known for many projects, including the sprawling Carl Sandburg Village and its various residential buildings, the Brunswick Building and the Greyhound Bus Terminal. The name Arthur Rubloff is iconic to Chicago, but as Rubloff grew more prosperous and influential, it expanded its reach to other markets, including Los Angeles, San Francisco and even Washington D.C. Arthur Rubloff’s legendary namesake remains alive today as part of Prudential, which acquired Rubloff in September, 2009. Even after his death, Arthur Rubloff is still spreading his wings.

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A simple lesson for first time home buyers:

First time homebuyers may feel apprehensive while going ahead with their purchase for the first time. Of course, home buyers must follow a proper route to get rid of all the apprehensions and continue their purchase successfully. Here is a short yet informative tutorial to assist the first time home buyers. If you have plans to own your dream home in near future, then going through the following tutorial is a must for you.

Learn about your needs and affordability first: Each and every person cannot have the same requirements when it comes to buying a home. So, if any of your friends are planning to buy a mansion to accommodate a big family, it doesn’t mean that you should also do the same. It’s also important to select a property according to your affordability. You must calculate how much you’ve to pay per month after the down payment. Talk to a mortgage broker first and properly evaluate what you can afford and this will give you, the home buyer the right start.

Check out what the market has to offer: You can’t expect the market conditions to remain static. Inventories, selling prices and mortgage related terms keep changing according to the shifts in economy. So before you go ahead with your purchase, you must have a look at the market conditions. Find out the selling prices of the comparable homes available in your locality. Accumulate information from various real estate websites and talk to an experienced realtor to get an overview of the market.

Visit various mortgage lenders: There are numerous mortgage lenders awaiting you to assist with loans. Different lenders come up with different offers and terms for applicants. You must do the proper research to zero in on the most lucrative deal. First time buyers often miss the research and sign up without learning the loan details. This may turn out to be really harmful for the inexperienced buyers. So detailed research is a must to realize the each lender offers.

Be sure of your financial standing: Check your credit report personally before passing it to the lender. A good credit score may simplify your efforts in a big way. If your credit score isn’t high enough, then you must approach the lenders who may agree to cooperate with you and offer you reasonable terms. However, there can be nothing better than improving your credit score from beforehand. Also amend the probable discrepancies in your credit report to avoid further confusion.

Look for pre-approval: Pre-approval and pre-qualification helps you better to realize your limits. So before you even begin to look for a new home contact a loan officer and get pre-qualified.

Go ahead and look for your house: Once you’re done with all the above steps you must start hunting for your dream home. Select a property according to the size of your family, location and afforability. All these factors matter a lot when it comes to grabbing the best real estate deal.

It’s extremely important for the first time home buyers to follow these steps carefully. To avoid apprehension, it’s better to seek experienced guidance. Also a careful approach towards personal finances is equally important as this will help you repay the mortgage loan. Closing details may vary from lender to lender, so it’s better to get the details before signing up. A cautious approach will definitely simplify the home buying process and prospective buyers must keep this in mind.

Shane Parker is a financial writer with profound knowledge on the mortgage & real estate industry. He loves to contribute his knowledge so that the people in the industry might increase theirs. He writes for blogs and mortgage communities and also participates in different mortgage forums.For more information on Mortgage please visit here: http://www.mortgagefit.com/

Christine Hancock, Broker Associate with Prudential Rubloff specializing in downtown Chicago Real Estate including The Gold Coast, South Loop, West Loop, Streeterville & Lincoln Park for over 10 years. Call/Email Me today at 312-296-9300, or visit my website at DowntownChicagoRealEstate.com

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You pay attention to expiration dates, don’t you? When you visit the grocer and buy a carton of milk, you look at the expiration date, right? And when listing your home and you receive an offer, do you also get a buyer’s preapproval letter from a lender? That letter has an expiration date, too. And it’s an important one.

Dates matter, and when it comes to mortgage loans, it’s no different. The buyer has to obtain financing before a certain date in order to close on time. The appraisal has to be performed before a certain date in order to ensure a timely closing, allowing the lender enough time to review the loan application.

The date on your buyer’s approval letter is also important. And if it’s more than 30 days old, you need to exercise a bit more caution. Why?

First, mortgage rates can change daily, sometimes even during the course of a single business day, depending upon market volatility. If someone is approved at 3.50 percent but rates have moved over the previous few weeks to 4.50 percent, is the buyer’s preapproval letter still valid?

Further, if the date is beyond 60 days out, that leaves plenty of time for critical financial information to change. Has the buyer’s income dropped since they first applied for a home loan? What about credit, are the credit scores still worthy? And speaking of credit, you never know if a buyer has made a major purchase and borrowed additional money after the preapproval letter was originally issued.

It happens. Loan officers can tell you stories about how a couple didn’t pay attention to the loan officer’s advice to simply “stand pat” during the home loan approval process and avoid buying anything or even applying for additional credit until the loan is closed.

Usually this won’t be an issue, especially if the buyers are working with a buyer’s agent. Yet if you receive a preapproval letter with an old date or even no date at all, ask for an updated letter. Dates on preapproval letters mean things; make sure the date isn’t expired.

Christine Hancock, Broker Associate with Prudential Rubloff specializing in downtown Chicago Real Estate including The Gold Coast, South Loop, West Loop, Streeterville & Lincoln Park for over 10 years. Call/Email Me today at 312-296-9300, or visit my website at DowntownChicagoRealEstate.com

The post Watch Your Mortgage Expiration Dates appeared first on Downtown Chicago Real Estate.

Just across the River from 333 N. Canal (River North) are many shopping areas as well as restaurants. The building also has a transit score of 100. The el train is just 2 blocks away (green and pink line). Union station and the Ogilvie Transportation Center are also a short walk and the the famous East Bank club is a practically across the street.

333 N. Canal is 11 years old (in 2013) There are 149 units, 4 of those homes are 3 and 4 bedroom town homes. The amenities include an exercise room, sauna, sundeck, dry cleaners, bike room, conference room, 24 hour doorman, and party room. The cable service at this time is AT&T U-verse. The parking in the building is valet only and you can call ahead when you need your car.
Every home has a fireplace, most have balconies, and high-end finishes such as granite counters, marble baths, and stainless appliances.

View the homes for sale at The Residences at River Bend 333 N. Canal below:

Showing properties 1 - 7 of 7. See more 333 N. Canal.
(all data current as of 5/25/2013)

1. $1,195,000 : 333 N Canal Street ,Unit Number 2201, CHICAGO
   
   3 beds, 2 full, 1 part baths

   Home size: 2,855 sq ft
   
2. $455,000 : 333 N Canal Street ,Unit Number 1902, CHICAGO
   
   1 bed, 1 full, 1 part baths

   Home size: 1,150 sq ft
   
3. $549,900 : 333 N Canal Street ,Unit Number 2302, CHICAGO
   
   2 beds, 2 full baths

   Home size: 1,600 sq ft
   
4. $1,799,000 : MLS # 08283676 in CHICAGO
   
   3 beds, 3 full, 1 part baths

   Home size: 4,100 sq ft

   Lot size: 10,890 sqft
   
5. $839,000 : 333 N Canal Street ,Unit Number 2304, CHICAGO
   
   3 beds, 2 full, 1 part baths

   Home size: 2,603 sq ft
   
6. $829,000 : 333 N Canal Street ,Unit Number 2704, CHICAGO
   
   3 beds, 2 full, 1 part baths

   Home size: 2,603 sq ft
   
7. $499,000 : 333 N Canal Street ,Unit Number 1806, CHICAGO
   
   1 bed, 1 full, 1 part baths

   Home size: 1,103 sq ft
   

Listing information deemed reliable but not guaranteed. Read full disclaimer.

The post The Residences at River Bend – 333 N. Canal appeared first on Downtown Chicago Real Estate.

Here are the top 5 highest priced condo sales for April 2013:

1. 199 N. Lake Shore Dr. #6W Chicago, IL 60611
This is a Benjamin Marshall Coop building. This home features a grand entry foyer, formal dining room, and a master suite with two dressing areas. East Lake Shore Drive has long been a prestigious area with spectacular homes in the downtown Chicago luxury condo market.

179-199 N. Lake Shore Drive available condos

3 bedrooms, 3.1 baths, sq. ft. not disclosed.
Sold Price $3,000,000
Monthly assessments: $5553.00/month, Taxes $25,533

2. 118 E. Erie #35E Chicago, Illinois 60611
The Ritz Carlton Residences Is one of the premier new construction luxury condo buildings in downtown Chicago’s Streeterville neighborhood. Now that closings have started the Ritz Carlton building is creating a lot of buzz in the realtor community who are struggling to show clients new construction high-end condos as they are selling as fast as they are finished.

The Ritz Carlton Residences availability.

2 bedrooms/2.1 Baths, 4008 sq. ft.
Sold Price $2,680,000
Monthly assessments: $2285/month, Taxes $15,684

3. 77 E. Walton #26D Chicago, Il 60611
The Residences at 900, adjacent to the high-end mall at 900 N. Michigan Avenue, this boutique building of 47 homes features high-end finishes with floor to ceiling windows, amazing views, oak hardwood floors, state of the art technology, and in unit laundry. Full amenity building.

77 E. Walton available condos

2 bedrooms/2.1 Baths, 2940 sq. ft.
Sold Price $2,475,000
Monthly assessments: $2661/month, Taxes $25,271

4. 10 E. Delaware #33B Chicago, Il 60611
This was the last remaining penthouse at 10 E. Delaware. Designed by renowned architects Lucien LaGrange & Darcy Bonner. 10 E. Delaware features the finest finishes featuring Poggenpohl cabinets, Kohler, Miele, Subzero, and Wolf. This perfect location an State St. and Delaware only has 4 remaining brand new units and is a full amenity building including an outdoor pool.

10 E. Delaware condo availability

3 bedrooms/3.1 Baths, 2940 sq. ft.
Sold Price $2,385,000
Monthly assessments: $1860/month, Taxes $NEW
 
 
5. 340 E. Randolph #4403 Chicago, Il 60601
340 E. Randolph offers commanding views where ever you look, this home faces Millennium Park and Grant Park and boasts views to 3 different states! State of the art building and an A+ location make this the perfect city home!

340 on the Park condos available
 
 
4 bedrooms/3.1 Baths, 2750 sq. ft.
Sold Price $2,000,000
Monthly assessments: $1371/month, Taxes $11,375.96

Contact Christine Hancock for more information about Chicago luxury real estate for sale.

Christine Hancock, Broker Associate with Prudential Rubloff specializing in downtown Chicago Real Estate including The Gold Coast, South Loop, West Loop, Streeterville & Lincoln Park for over 10 years. Call/Email Me today at 312-296-9300, or visit my website at DowntownChicagoRealEstate.com

The post Top 5 highest priced Chicago condo sales April 2013 appeared first on Downtown Chicago Real Estate.

More and more people are buying homes in the Chicagoland area, and now is a really good time to buy. And due to steady progress in the housing segment of our seven-county Chicago real estate market, home sales soared last month, DailyMarket.com reports.

 To be precise, the number of homes sales have increased 18 percent from March of 2012 to March of 2013, the site pulled from a DailyMarket.com.

DailyMarket.com found that as of April 9, Chicago home sales reported for March totaled 7,793 units, up from 6,591 last year. That’s 1,202 more homes that were sold in Chicagoland from last March to now! The median prices did increase though, from $153,800 to $155,000 a year earlier.

 The DailyMarket.com analysis also found that the amount of homes on the market are shrinking, which also gives housing a boost. In fact, there were 50 percent less homes for sale last March than there were this year. It’s easier for buyers to speed up their decision-making process when there are less options to choose from.

 So the housing market is looking good, and many predict it is only going to get better. If you’re thinking about that home you always wanted in Chicagoland, buy now while the market is in good shape!

Christine Hancock, Broker Associate with Prudential Rubloff specializing in downtown Chicago Real Estate including The Gold Coast, South Loop, West Loop, Streeterville & Lincoln Park for over 10 years. Call/Email Me today at 312-296-9300, or visit my website at DowntownChicagoRealEstate.com

The post Chicago Real Estate – Home Sales Up appeared first on Downtown Chicago Real Estate.

Directors of the Chicago Marathon say they are ready to address security concerns head on. They offer their full support to the Boston Athletic Association and the City of Boston as they work through the horrible events that took place.

 The Chicago Marathon kicks off on Sunday, October 18, and will facilitate more than 37,000 runners and millions of spectators. Participants this year will come from more than 100 countries and all 50 states. There will be a total of 7,777 international runners, according to ChicagoMarathon.com

 The course is 27 miles and starts in Grant Park at Columbus Dr. and Monroe Dr. The route travels north on Columbus to Grand Ave., west on Grand to State St., south on State St. to Jackson Blvd. and loops all the way around on Halsted and back to Michigan to the finish line.

 This year 10,000 participants are running on behalf of 190 charity partners. Last October the Chicago Marathon set a record when charity runners raised $13.4 million. Since 2002, Chicago Marathon runners have raised more than $85 million benefitting local, national and international charities.

 The Chicago Marathon has come out with a public safety alert system that everyone is encouraged to become familiarized with:

Participants and spectators can refer to the website, which will have updated information on the current alert system status, but there will also be public address announcements and color-coated flags at the start and finish lines and all along the course on race day.

 Now posted on the marathon’s website is a special message from executive race director, Carey Pinkowski:

 “Our thoughts and prayers remain with our colleagues at the Boston Marathon, and with the spectators, participants, volunteers and loved ones who were affected by Monday’s tragic events.”

 “We want to reassure those registered for the 2013 Bank of America Chicago Marathon, and the family members, friends and volunteers who plan to support them, that we are in constant communication with the City of Chicago, the Office of Emergency Management and Communication, the Chicago Police and Fire Departments regarding the security plan that is implemented at the Chicago Marathon. As our top priority, we work in lockstep with these agencies to ensure the safest possible event for everyone involved.”

 Sources: http://www.nbcchicago.com/news/sports/Chicago-Marathon-Will-Go-On-As-Planned-203190031.html

 http://www.chicagomarathon.com

http://assets.chicagomarathon.com/wp-content/uploads/2012/05/7_Course-Information.pdf

http://assets.chicagomarathon.com/wp-content/uploads/2012/05/1_Media-Information-and-Fast-Facts.pdf

The post The Chicago Marathon will go on appeared first on Downtown Chicago Real Estate.

Right outside the Trump Tower Chicago is the famous Magnificent Mile for shopping, a few blocks to the lake for swimming or boating and many well known Chicago restaurants such as Spiaggia’s, RPM Italian, Del Frisco’s and Mastro’s Steak House to name a few.

So lets take a look at a few of the brand new units that are still available at Trump Tower Chicago:

Unit 68D. (floor plan) This home is 2022 sq. ft. with 2 bedrooms and 2.1 baths with beautiful panoramic views of the city and north Lake Shore Drive. Home features a gourmet kitchen, fireplace, and a spa-like master bath. $1,500,000 + $65,000 for deeded garage parking.

Unit 58E. (floor plan) This home is 2746 sq. ft. with 2 bedrooms, plus den and 3 baths with beautiful unobstructed views to the south, east, west, city, lake and water. Snaidero cabinets and spa-like baths. Stunning home. $2,200,000 + $65,000 for deeded garage parking.

Unit 38A. (floor plan) This home is 3437 sq. ft. with 2 bedrooms, plus a media room, family room & 4 baths with beautiful panoramic lake and river views. This home follows the eastern curve of the building. Breathtaking Trump Chicago home. $3,000,000 + $65,000 for deeded garage parking.

If the listings below are gone, they are sold. Contact me for an updated list of new homes available at Trump Tower Chicago.

Showing properties 1 - 3 of 3. See more 3 Featured Trump homes.
(all data current as of 5/25/2013)

1. $3,000,000 : 401 N Wabash Street ,Unit Number 38A, CHICAGO
   
   2 beds, 4 full baths

   Home size: 3,437 sq ft
   
2. $2,500,000 : MLS # 08250235 in Chicago
   
   2 beds, 3 full baths

   Home size: 2,746 sq ft
   
3. $1,500,000 : 401 N Wabash Street ,Unit Number 68D, Chicago
   
   2 beds, 2 full, 1 part baths

   Home size: 2,022 sq ft
   

Listing information deemed reliable but not guaranteed. Read full disclaimer.

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