It was only a couple of years ago when the term short sale was seen as taboo in the real estate industry. Many realtors and brokers couldn’t tell you what a short sale was, let alone explain the process in which buyers could successfully execute a short sale.

Just then, the market turned in a dramatically different direction and everyone was forced to adjust accordingly. Many real estate professionals found themselves in unchartered territory, which often included the dreaded short sale, particularly where condos were concerned. Realtors and buyers alike quickly learned why short sales were cast aside as pariahs for so many years: counter-intuitive to its name, short sales are anything but short.

However, despite the painstakingly long process, Chicago short sales actually exceeded foreclosures in January, according to Lender Processing Service Inc. While bank owned foreclosure still outnumbered short sale, the gap has shrunk considerably.

If the numbers hold true there stands to be over 100,000 short sales completed in the first quarter, a level we haven’t seen since early 2009.

Realty Trac found that in January there were 957 local short sales, many of which were Chicago condos. This staggering number represents a 35% increase from the year prior. With that said, in the same timeframe, bank-owned homes accounted for almost twice as many sales.

Still, short sales for both Chicago homes and condos are not without inherent problems and the process can deter impatient homebuyers. But Federal agencies, and much of the private sector, have found a renewed interest in the short sale process, largely because it prevents several Chicago properties from falling into foreclosure.

When referring to the resurgence in shorts sales, Treasury Secretary Neal Wolin, stated on a recent trip to Chicago, “We probably underutilized it as a tool.”

To clarify, a short sale occurs when an owner sells a home for less than the mortgage is actually worth with the lenders approval. Obviously, this can be a daunting process with so many moving parts and unknown variables involved.

In an effort to begin cutting through some of the red tape, the Federal Housing Finance Agency announced that starting in June it will implement a streamlined procedure to handle short sales of Fannie Mae and Freddie Mac-owned properties. The FHFA, which oversees the two government backed programs, stated that mortgage servicers will have to respond to an offer within 30 calendar days, if the offer is under review for a longer period of time the servicer will be required to supply weekly updates.

This attempt to speed up the lengthy process combined with a growing success rate makes short sales an appealing option for Chicago condo owners and real estate professionals alike.

Chicago Grads Must Choose: A House or Condo?

With more and more college graduates flocking to Chicago, the rental and buyer market has never been more robust. Young professionals entering the ranks of the working class now face the dilemma of buying a condo, versus a house. Today’s college graduates come into the “real world” with ambition and their Suze Orman starter-kits, and they’re looking to establish strong equity, but which is best route?

Chicago condos obviously have the advantage of providing a convenient location in an urban setting. They provide easy access to the city’s greatest amenities while also shortening commutes. Not to mention, there’s the cool factor. Let’s be honest, telling your frat brothers or sorority sisters that you’ve just closed on a condo in the city is infinitely cooler than telling them you bought a single-family home in the suburbs.

Here are a few things to consider while weighing out your options. Chicago homes appreciate at a steadier pace than condos. While the appreciation is admittedly slow on both sides, homes are appreciating faster than condos in this market.

Also consider that, because of their inconsistent performance in the market, it has become increasingly more difficult to secure a loan for a condo. The process is made even more complicated if one requires a mortgage backed by the Federal Housing Administration. Financing a condo is tricky because the FHA will require that 50% of the units in the building be owned or under contract. Moreover, if the FHA finds that 15% of the units in the building are over 30 days truant with payments, this could negatively affect you being approved.

The other side of that argument is to find an FHA approved condo building in order to bypass the red tape.

There are always going to be pros and cons to any decision that one makes in life. At the end of the day, if you’re in a financial situation where you can make an investment and purchase a condo and that’s what you want to do, then so be it. Make sure to do your due diligence and research all of Chicago’s neighborhoods in order to find something that fits your needs. Remember to factor in proximity to public transit and commute time into your decision. With a little digging, you can find the right Chicago condo that fits all your needs.

The NATO Summit will take place in Chicago on May 18 through May 21, during which time select condo owners may be asked to leave their homes. FOX Chicago News recently reported that residents of the Library Tower condos on State Street received letters from the building’s management team urging them to stay elsewhere while the conference was in session.

It’s widely known that where there is an official meeting of world leaders–especially NATO summits and World Trade Organization events–there will be public demonstrations of protests. Often, this means riots. It is that precise possibility that has the Liberty Tower Condo Association taking extreme measures of caution.

“In the event of a riot or the potential of one near the building, all access doors will be locked including the garage door,” said the letter sent to residents of Liberty Tower. “For everyone’s safety, we will be instructing anyone in the building to stay in his or her unit.”

Even though riots and protests are a consistent aspect of international meetings, it seems unusual that local residents be asked to abandon their homes. However, this month’s event promises to be unique, largely because it coincides with Chicago’s growing Occupy Movement, which has already resulted in several arrests.

There are several local groups that have declared their intentions to protest the NATO Summit, among them United National Antiwar Committee, the Committee to Stop FBI Repression and the Freedom Road Socialist Organization.

According to Joe Iosbaker, a member of the United National Antiwar Committee, “The wars and economic policies of the NATO and G8 nations are not just and will be met by protest.”

It really doesn’t get any clearer than that. The only question is how violent will protests become? That depends, in part, on how protestors respond to the increased presence of law enforcement.

The fact is, with so many stated intentions of protest, plus the existing tensions surrounding the Occupy Movement, things are primed to get ugly once the doors close and the NATO Summit commences. So while the condo association of Liberty Towers cannot force residents from their homes, they’re likely keeping their fingers crossed and hoping to see condo owners take an extended weekend away from home.

Chicago’s dreary weather got you down? Perhaps now is the time to look around your condo and decide which rooms could use a little cheering up. Even if you’re short on extra funds, you can still breath new life into your unit with a few cans of paint.

Repainting your walls is a quick do-it-yourself project—it should take no longer than a few days, depending on how many rooms you’re planning to transform—and it’s a great way for you and the family to get through the rainy season productively.

Ask any decorator for a few painting tips and they’ll tell you this: accent walls are in. Sometimes all it takes to renew the energy in a tired space is covering one wall with a splash of unexpected color. Be bold. Try painting one of your bedroom walls a powerful red, or choose a wall behind the fireplace or in the breakfast nook (or anywhere else in the kitchen) to hit with an unexpected color and you can shake up your condo’s overall look.

Paint is not just for walls, either. Perhaps you want to leave them untouched and instead paint interior doors and window frames a different color than the surrounding trim. Adding color in unexpected places can draw the eye around your unit in a new way and call attention to features that might have spent their entire lives largely overlooked.

If you’re feeling particularly inspired, try using more unique materials like lacquer to add interesting texture to your walls. Because it is traditionally used to paint cars, the use of lacquer in your condo can be a delightfully unexpected touch and will ensure that your rooms look anything but ordinary. But be aware, while lacquer’s smooth, effervescent shine will impress your guests, it’s an incredibly difficult material to work with–you’ll probably want to hire a professional to take care of this one.

Hesitant to refinish your wooden floors? No problem—just throw some color on them and see your room transform before your eyes. An unexpected color on the floor surrounded by white walls has a dramatic effect.

There is a veritable bounty of ways to transform your condo simply by changing up paint colors. Takes risks and you will be rewarded—remember, you’re not going to impress anyone by playing it safe, so have fun!

There are a growing number of college graduates who, in their search to build quick and solid equity, are torn between buying a house or buying a condo. Condos tend to be more conveniently (or should we say more attractively) located amongst lively urban settings, but they’re not without drawbacks. Here are a few things to keep in mind while weighing your options.

Whatever you do, don’t get hung up on a condominium’s “cool” factor. Yes, they’re cool. And yes, they’re popular with young professionals. But “cool” almost always costs extra.

That said, consider this: when you purchase a home, you want something that will appreciate, maybe not quickly, but at least steadily. Condos are currently appreciating at slower and more sporadic rates than traditional single-family homes. You may think that staying put long enough makes this a negligible point, but in fact, that’s not the case.

Because of their recently inconsistent performance in the market, condos are a challenge when it comes to getting a loan–a process that’s even more complicated if you require a mortgage backed by the Federal Housing Administration (FHA). If you want to finance a condo, the FHA will require that 50% of the units in your building be owned or under contract. Plus, if more than 15% of the units are 30 days or more past due on payments, you may not be approved.

Of course, if you can find an FHA-approved condo building, you’ll probably have an easier go of it.

What about houses, then? Well, aside from the fact that single-family homes offer things like a yard and creative freedom in any remodeling, they generally require a slightly lower down payment (10 to 20% versus 20 to 25% for most condos). The flip side to all of that is being solely responsible for upkeep, both indoors and out, although that also means you’re not paying a condo association dues every month.

At the end of the day, there are pros and cons for both–as it is with just about everything in life requiring a “one or the other” selection. Remember that first and foremost, you need to be content with your surroundings, both the neighborhood and the neighbors (overall, anyway). So as you’re visiting potential properties, pay keen attention to who and what’s around and ask whether you could be comfortable there.

With summer months looming and warmer temperatures creeping back into the Chicagoland forecast, homeowners throughout the city have been encountering some house guests that are not very welcome. And though we all received a nice break from the typical winter temperatures this year, it also means many of the city’s creepy crawlers hung around, rather than dying off.

For Chicago condo owners, your association dues will go a long way toward pest control, but from time-to-time, you’ll have to fend off the occasional critter alone. That’s why we’ve compiled a few tips for ridding your space of unwanted guests.

1. Seal cracks. The easiest way for crawling insects to enter a home is through cracks in the siding and door or window frames. So, first things first–you must seal any possible entry points. Sealing cracks in your condo’s framework is easy, it just takes a little polyurethane caulk. Move the caulking tube slowly to ensure you fill gaps completely.

2. Use screens. In some condos, your front door opens to the great outdoors, rather than an interior hallway. If that’s the case, be mindful of your screen door. Insects tend to hover near screen doors, so when it opens they have easy access to your unit. Make sure your screen door includes spring closures that will force it to close quickly.

3. Control lighting. Another consideration for those with exterior doors–be conscientious of outdoor lighting and keep porch lights on as little as possible. Bugs are attracted to light, which means they’ll end up hanging around your exterior doors and windows. Also, it’s best to use yellow light bulbs in outdoor light fixtures as bugs are most attracted to white light.

4. Manage garbage. More than likely, your outdoor garbage needs are tended to by the condo association, but it’s equally important to keep indoor (i.e. kitchen) garbage contained in a tightly covered can. This will cut off any smells that may attract insects like fruit flied, gnats and, especially, ants.

5. Eliminate damp conditions. Indoors and out! Wet or rotting wood within a home’s structure can (and will) attract certain types of bugs. Be sure to replace any wood that has been compromised due to water. Additionally, any yard wood (such as mulch, birdhouses, etc) should be frequently updated, as well.

Once the pressures of buying a home are off your mind, you and your partner can begin to focus on turning your new condo into your new home. This can be challenging and sometimes tedious, but the end result will always be worth your while. Adding special touches that make a new condo feel like your own will make the transition easier.

Below are some helpful tips for how you and your partner can add personal touches to your new space as a team.

1. Make decisions together.

Taking away the words “yours” and “mine” from your vocabulary can be challenging, but when it comes to moving into a shared space with your significant other, always remember that it is precisely that–shared space.

It will often be a challenge to reach a compromise on design styles, preferences and ideas. Few couples see eye-to-eye on all occasions, so like many things within a relationship, moving into your condo will take open communication and compromise. When possible, try to combine personal styles and when you just can’t come to a common conclusion, work on creating individual “zones.”

2. Secondhand is not always second best.

Though you now have room to grow, you can stretch your small collection of home décor only so far. Typically, new homeowners are short on cash due to the arduous buying process. That being the case, it’s time to focus on that budget of yours and try searching for secondhand pieces of furniture and decor. You can find unique pieces on secondhand websites such as Craigslist or eBay or by scouring the city stores and yard sales.

3. Upgrade gradually.

Oftentimes, new homeowners feel pressured to fill every single room with furniture. This should never be the expectation and homeowners should always remember they can take time to develop their home. Since furniture is typically a large investment, search for timeless pieces that both you and your partner will enjoy for a long time.

Buying your first home, whether it’s a condo and detached, single-family property, is a pressure-filled process. However, if you go into it with a team-oriented attitude, it will make the process much happier and more memorable.

In the midst of an unpredictable (though undeniably recovering) real estate market, one thing is for certain: it’s a buyer’s world. Affordability rates are at record highs, mortgage rates at record lows and, as more owners begin to place their properties on the market after years of waiting for improved conditions, inventory is more plentiful than ever.

This doesn’t mean that homeowners hoping to sell in the near future are without options. In fact, because so few new homes are being built, contractors have become increasingly eager to find work, meaning the costs of home renovations are lower than ever. And while condo owners ready to sell now may find it difficult to hold off placing their unit on the market, it may prove exceedingly advantageous to invest in some improvements first, thereby boosting the eventual price of their unit and allowing them to wait until selling conditions are restored.

According to Remodeling magazine, home improvement costs have decreased dramatically over the course of the past three years, dropping by 6.9 Percent in 2009, 2.3 Percent in 2010, and roughly 2 Percent last year. It comes as no surprise, then, that in the fourth quarter of 2011 the National Association of Home Builders reported that its members saw remodeling activity reach its highest point in the past five years.

Far from having no control over the selling price of their home, Chicago condo owners have the opportunity to improve their chances of fetching a higher price for their unit by investing in interior improvements. While waiting for the real estate market to shift in favor of sellers, owners should think critically about what upgrades would drastically improve the quality of their condos. But keep the focus on improvements that will draw in potential buyers.

This means opting for a renovation that will make your condo appear move-in ready, rather than glamorous upgrades that may actually scare away budget-conscious buyers. Beautiful, updated kitchens and baths will surely attract buyers, but it’s not necessary to go overboard with unnecessary architectural flourishes and granite countertops.

Most important is simply to ensure that your condo meets the standards of similar units in your neighborhood. If your unit is either outdated or too flashy, it will stick out like a sore thumb amongst other nearby condos. You may want to consult a real estate agent, builder or housing expert to make sure you’re investing money in the right places, and not just throwing it out the window.

In a city as old as Chicago, it’s almost strange to hear about a “new” neighborhood. New Eastside may not be exactly new–the area began developing almost 50 years ago–but certainly, it’s the newest. But some locals are still curious: is this really a neighborhood?

While New Eastside doesn’t have a long, lustrous history like most of the city’s neighborhoods, it has what some of those others only wish they could offer: prime lakefront location, luxury property and gateway access to downtown’s Magnificent Mile.

For those who don’t know, those three things equal Chicago gold in a local ‘hood.

But let’s explore daily living in Near Eastside.

Food? Check. Everything from the beloved Potbelly’s to the obligatory Giordano’s Pizza and the more unique Hannah’s Bretzel (delicious sandwiches and pretzel bread galore). When you’re looking for something more than grab-n-go, there’s the trendy pan-Asian Aria Restaurant, located inside the Fairmont Hotel, and the historic (established 1926) Palm Restaurant, voted as one of Chicago’s top steakhouses, at the Swissôtel.

As for grocery shopping, the relatively-new Mariano’s Fresh Market offers a Whole Foods Market-type variety for generally lesser costs. Bockwinkel’s is also in the neighborhood, providing all of the staples you’d need, and Faycurr’s Urban Market provides a more boutique grocery shopping. Still, an even larger variety of markets like Fox & Obel’s, Trader Joe’s and even Jewel Osco are only a short jaunt away.

According to Joel Carlins, chief executive officer of Magellan Development Group LLC, “The concept [with Near Eastside] was to create a village in the heart of the city.”

With that mind, take a look at some of the real estate in this neighborhood. The Aqua Building is Near Eastside’s crowning jewel–an 86-story mixed-use tower of condos, retail shops and endless recreational amenities that include three pools, a garden terrace, a firepit and a running track, to name just a few. With layouts that include studios on up to a four-bedroom penthouse, residents can easily pay up to $2 million for a unit.

Nearer to Lake Michigan are the stunning Harbor Point condominiums, arranged into a sleek tower of steel and dark glass. Aside from being at the doorstep of both the lake and Millennium Park, Harbor Point also offers basketball courts, an onsite market, a sundeck with an award-winning garden, and one of Chicago’s largest and deepest residential indoor pools.

Some argue that New Eastside is a bit isolated and point out that there aren’t a great many stations for the el stop.

“It’s not a neighborhood you pass through on your way to other places,” says Marshall Brown, assistant professor at the Illinois Institute of Technology. But he also offers that “some people might like that remove, that quietness.”

Whether you choose to recognize it as a neighborhood or no, New Eastside is an elite and attractive community. If you’re drawn to a more secluded side of luxury, that elegantly provides for your everyday needs and houses you near downtown Chicago, then this budding destination is worth a look.

Spring is a remarkable season, when everything receives an invitation to live, to grow and thrive. Here in Chicago, it seems spring of 2012 is giving rise to more than tulips and trees. In the historic southern neighborhood of Kenwood–known for breathtaking mansions, ornate Italiante structures and even Frank Lloyd Wright-designed homes–a steadfast builder has brought new life to a vintage-inspired condominium that suffered deep neglect after the housing bubble burst.

Lewis Korompilas, president and CEO of Premium Builders LTD, has a reputation for reviving unkempt, forgotten properties, particularly in southern neighborhoods like Kenwood. He tends toward structures that reflect an antique grandeur in their materials, layout and construction style.

That’s why the fallen condominium project at 4351 South Lake Park Avenue captured his attention. Grandly constructed with brick and limestone, the property echoes that magnificence that defined this neighborhood some 100 years ago.

When the condo was originally planned, and when it was first underway, the real estate market was still booming. But as the story goes for so many, the builder didn’t get beyond pouring a foundation when things started to fall apart and work was halted. Years later, Korompilas saw opportunity and purchased the property at a steep discount.

As expected, when the time came to begin remodeling, Korompilas was conscientious to maintain the property’s Old World feel inside and out. Throughout the interior, he relied heavily on classic features like wainscoting, towering cathedral ceilings and crown molding; inside the individual units, he complemented the look with diagonally laid hardwood floors and natural stone in the bathrooms, ensuring that the building’s lavish atmosphere carried beyond its façade and common areas.

A further look into residential units, of which there are ten, reveals both single and two-story units that contain from two to four bedrooms. The rather extraordinary two-story units include either a lofted area atop a grand cathedral ceiling or a formal library enclosed on three sides by additional wainscoting. Two of these units also lead directly to the rooftop deck, which is shared by all residents.

Perhaps the most surprising element to these classy condos is their price, which ranges from $199,000 to $369,000. If this sounds like your idea of home, then get ready to close in–while two of the units are already under contract, the remainder will be ready for move-in by May.