April 30, 2010 - If you haven’t signed a contract to buy a new Chicago condo or single family home by midnight tonight, then you won’t be able to cash in on the $8,000 first-time homebuyer credit or the $6,500 repeat buyer tax credit. The federal stimulus deal may be nearly over, but there are other credit programs and incentives ready to pay off if you know how to use them.

There is a 30% tax credit (up to a limit of $1,500) if you buy and install some energy efficient products or improvements, according to an article in the Sun Times. These include installing energy efficient doors and windows, heating, cooling and ventilation systems, insulation and roofing. The deadline for those is December 31st.

There is also a tax credit of 30% with no dollar limit if you install solar energy systems, a residential wind turbine or a geothermal heating system. That deadline is not until December 31, 2016.

Coldwell Banker is also promoting a new “buyer bonus sales event,” according to the Tribune. With this offer, Coldwell Chicago real estate agents are encouraging sellers to offer a 3% colsing credit with a miximum dollar limit of $8,000 for buyers who sign a contract from May 1st though July 31st. The advantage to this is that there isn’t a closing deadline, no income restrictions and you can research most properties online to see what the previous price was. The perk for the seller is that his or her home will be spotlighted in local advertisements and via the Internet.

Coldwell Banker regional VP Kathy Kalnes was quoted in the article as saying that, “We’ve got some momentum going in the real estate market and whether it has to do with the first-time homebuyer money or not we don’t know, but why take a chance.”

Fannie Mae is also offering to allow homeowners who willingly agree to a deed-in-lieu or short sale instead of waiting for a foreclosure to reapply for a new Fannie Mae backed mortgage in two years if they have a 20% down payment. The old wait period was four years. This policy goes into effect July 1st. The difficult part may be getting your local lender to agree to the transaction.

We’ll have to wait and see if the expiration of the tax credit slows down sales of Chicago Condos or if buyers are still willing to make a purchase this year.

Technorati Tags: Fannie Mae, Chicago Condos, Chicago Real Estate

April 29, 2010 - New West Realty is lowering prices on the remaining unsold Chicago condos at VB1224. This Chicago real estate development is a loft conversion of an old True Value warehouse that was built back in the 1940s. The 189 lofts in this building are a mix of one and two bedroom, one to two bath units, many with dens. There have already been price reductions at this development, but the new banner ad on their website describes this latest round of cuts as, “New prices massively reduced…” This massive reduction is around 20% off the old prices.

Currently the one bedroom lofts with a den are listed from $239,900 which is down from the old price of $275,900. You can now get a one bedroom unit with parking from $256,900. Previously you had to pay $307,900 for a one bedroom plus den plus parking. The two bedroom lofts have been lowered and now start from $289,900 with parking included. The old list price on those started at $349,900. The parking spaces have an estimated value of $35,000.

All of the units are completed at VB1224 and have what the developer is calling a “contemporary finish package.” The lofts come with a Bosch stainless steel kitchen appliance package, either granite or quartz counter tops, 42″ custom cabinets, 4″ wide wood floor boards, 12′ to 14′ high ceilings and a washer and dryer in each unit. Resident amenities at VB1224 include a sundeck and lounge on the rooftop, 24 hour doorman, fitness center, yoga room and storage space. This West Loop building is also pet-friendly.

And if you’d rather do some renovating on your current home instead of buying a converted loft, you may want to hire one of the qualified Chicago remodeling contractors to do the job.

Technorati Tags: VB1224, Chicago Remodeling Contractors, Chicago Real Estate

April 28, 2010 – The first time homebuyer tax credit deadline is April 30th, and anyone who wants to cash in on that $8,000 only has a couple more days to get a sales contract signed. You also have to close by June 30th of this year. But Chicago real estate developer Belgravia Group plans on helping prospective buyers make the most out of the short amount of time left by keeping the 565 Quincy sales center open until midnight on April 29th and 30th.

According to an article in the Tribune, buyers will be served Red Bull and pizza both nights, making it a sort of homebuyer’s party. Prices on the Chicago condos and lofts at this development were cut by as much as 30% a few months ago, knocking anywhere between $40,000 and $140,000 off the units.

Prices on the new one and two bedroom condos left for sale in this 18 story, 241 unit project are running from $155,900 to $355,900. The one bedroom (some with dens) and two bedroom conversion lofts range from $223, 900 to $362,900. All but the junior one bedroom condos come with a free parking space. The development is also FHA approved.

Condo and loft finishes include hardwood flooring, carpeted bedrooms, GE stainless steel appliances, granite counter tops, 42″ cabinets and marble baths.

Building amenities are highlighted by the Q Room with its 11,000 square feet of indoor fun. A theater, lounge, fitness center, putting green, pair of bowling lanes and ping-pong, billiards and foosball tables. There is also a 24 hour doorman, bike storage room and sundeck plus catering kitchen.

So if you’ve been looking at Chicago lofts, you might as well make a late visit to 565 Quincy sometime in the next couple of nights.

Technorati Tags: 565 Quincy, Chicago Lofts, Chicago Real Estate