With renting in Chicago on the rise and downtown apartment rents surpassing their pre-recession peak, it’s clear that more Chicagoans are choosing to rent versus rather than buy a home.

The economic downturn has driven people away from condos, and with construction underway on five new apartment projects that will offer 1,700 new units to satisfy the ever-increasing demand, it’s important that you, as a renter, know how to navigate the shifting Chicago real estate market.

The most important fact for you to internalize as you look for a new place to rent may come as a bit of a shock to your system. Ever hear the old adage that says the most important factor in the cost of real estate is “location, location, location?” Do yourself a favor and forget it.

Seriously. Wipe it from your memory.

New data from a study conducted by Lucid Realty suggests that the correlation between rental rates and location is minimal, at best. Common wisdom when it comes to Chicago’s real estate market says that the farther west you go in a given area, the cheaper your rent will be. But after comparing rents and square footage for properties in Lakeview versus properties in Roscoe Village, Lucid Realty found that rents drift down only about $.25 per square foot the more you head west. That’s not really a huge margin when you consider the credence many people give this theory.

So what does this mean for you?

You’ve now got to zero in on the factors that really do make a difference in rental rates—amenities and the single-most important influencer of rent, square footage. And truthfully speaking, if you shop around hard enough, you’ll be able to find an affordable place in any neighborhood you deem to be “better” than where you are now. It’s all up to you and your ability to apartment hunt and negotiate.

Currently, the top five Chicago neighborhoods for renting include Lincoln Park, Lakeview, South Loop, Gold Coast and River North.

And don’t think that just because you’re looking to rent, rather than buy, means you don’t need (or can’t ask for) the help of a licensed Chicago real estate agent. Check out the rental properties listed on ChicagoApartmentRentals.com and get in touch with a qualified broker who will help you find the perfect rental.

Particularly in larger cities like Chicago, condo living is all the rage among younger demographics. But as people get a little older, and especially if kids start to enter the picture, they tend to migrate out of the city and into more suburban areas offering traditional style homes. The battle between city versus the ‘burbs and, subsequently, condo versus traditional home, will likely always exist, but our list below could help you decide whether a condo is for you.

That said, condo living may be for you if:

You hate yard work and home maintenance.
Let’s face it—one of the major downsides of owning a home is all the work required to maintain it: shoveling that heavy Chicago snow in the winter, raking up leaves in the fall, cutting grass in the tumultuous summer heat. None of it’s a day at Disneyland. Life in a condo helps you avoid all of these irritations.

Simply put, you love living in the city (think metropolis downtown).
Although traditional homes are for sale even in Chicago proper, a condo will, most likely, mean you’re living in the heart of it all, with close proximity to the Loop, world-class restaurants, exciting nightlife and the best entertainment.

You like saving money (and who doesn’t?).
On average, purchasing a condo is more economical than purchasing a traditional home. Barring above-average assessments put into place by the condo association, you stand to save a bundle by opting for a condo. The upfront costs of moving in (when compared to buying a home) are generally more manageable, not to mention, repairs and maintenance tasks that usually require extra from your home budget are almost always covered by your assessment fees.

You like having a sense of community, with neighbors always nearby.
Because condos allow you to live so close to your neighbors, you’ll quickly develop a much stronger sense of community and camaraderie than you would if you and your neighbor were separated by a fence. If this is something you’d like to have for yourself, then a condo is where you need to be.

You like easy access to extra amenities.
While it’s totally possible, it’s very unlikely that you’re looking to find a traditional home with a pool, gym, sauna, indoor garage, game room, convenience store and cleaners all on the premises. But in a condo building, these amenities—and more—can easily be within your reach daily.

Sound good? Then you should definitely be considering one of the many amazing Chicago condos for sale.

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.

What better way to spend a portion of that new $95 million contract extension than to invest in Chicago real estate? Apparently, Chicago Bulls sensation, Derrick Rose, agrees. The celebrity point guard recently purchased a $2.8 million condo in the luxurious and trendy Trump International Hotel and Tower.

According to Crain’s Chicago Business, the reigning NBA Most Valuable Player decided on a three-bedroom layout that boasts a breathtaking view near the top of the Tower.

Rose, 23, grew up in the Chicago suburb of Englewood and was raised by his mother, to whom he credits much of his success. He has been residing in suburban Northbrook, but decided that he wanted a change of scenery and landed in the downtown riverside high-rise. Soon, he will be living large in a 3,102-square foot condo, which is said to have extraordinary panoramic views and is one of the top four units available.

Along with its three bedrooms, the condo includes four bathrooms and a den. Rose also purchased two parking spots in the building. According to Crain’s, Rose financed the deal with a $1.7 million loan from Northern Trust.

Completed in 2009, Trump Tower is Chicago’s second tallest skyscraper – the tallest is the Willis Tower (formerly known as the Sears Tower). It’s quickly becoming a real estate hot spot for Chicago’s young, professional athletes, including former Chicago Bears quarterback, Rex Grossman, and Chicago Blackhawks’ star forward, Patrick Kane.

Perhaps this means more athletes will migrate toward the lavish Trump Tower – or even better, perhaps some diehard fans will pool together some cash in order to catch a glimpse of the stars. Regardless, we know fans love having them nearby, so welcome to downtown living, Derrick Rose, we’re sure you’ll enjoy every minute of it – in fact, we’ll make sure of it.

The 309-unit Chicago condos located at 200 N Dearborn, in the city’s well-known Theatre District, are offered buyers a gift for the holidays. For a limited time, American Invsco provided sales incentives to those buying these downtown condos. The sale reduced the original prices as much as 51% and homebuyers paying in cash received an additional 10% off with closing costs covered. At the time of this writing, the 47-story building recently received 18 cash deals that closed in one month, most likely due to the added discount for cash purchases.

Here’s a look at some examples of this holiday pricing: Unit number 905, priced at $193,830. The 835-square-foot unit has one bedroom and was originally listed for $339,000. This sale price is without the additional cash discount. Another unit, number 1106, is a three-bedroom, 2,015-square foot condo with the sale price of $449,085. The unit was previously listed for $833,300.

Here’s a bit more general information about 200 N Dearborn… The building was originally constructed as Chicago apartments in 1989. Recently, the property was redeveloped and modernized into condos by American Invsco, which has developed 45,000 residential units all over the United States. The full-amenity building also houses 24,000 square feet of commercial space, including a 7-Evelen, food court, dry cleaners and Pedway system that connects to different points in downtown Chicago, making winter walks comfortable. Amenities in the building consist of a fitness center, party room, same-day maintenance service, laundry facilities, 24-hour doorman, an indoor swimming pool, a 3,200-square-foot landscaped terrace with barbecue facilities and five floors of indoor parking (residents must pay an additional fee for parking spots, though).

Upgrade packages are also included in deals for this downtown Chicago high-rise. The Majestic package incorporates new hardwood floors or marble entrance, stainless steel appliances in the kitchen, new cabinets, countertops made of granite, upgraded bathrooms, and new countertops and sinks.

Downtown Chicago condos under development closed 229 sales during the 3rd quarter. That is better than 2nd quarter 2011 sales (which hit 196) but is a decrease from the 251 deals closed during the 3rd quarter of 2010, according to a report from Appraisal Research Counselors, a consulting firm based out of Chicago. According to an article in a November issue of Crain’s, psychology plays a huge factor in what is working against developers of Chicago condos with potential buyers. Consumers fear prices falling and many are noticeably waiting out the market.

Developers of Chicago real estate who slashed prices to attract sales were selling leaders during the third quarter. Pricing is a decisive motivating factor regarding resistant consumers. For example, one-bedroom Chicago condos previously priced at $259,000 were lowered to $155,040 and included free parking; two-bedroom units fell from $369,900 to $229,500. Additionally, many first-time buyers of Chicago condos have stepped into the market, mostly due to locale, price points and incentives such as a grant from the city of Chicago for $10,000.

First-time purchasers of downtown Chicago condos were most helpful to raise sales during the third quarter, especially for developments such as 757 Orleans, 200 N. Dearborn, Silver Tower, Quincy 565, 235 West Van Buren and Parkside of Old Town on Division Street, a redevelopment of what was previously Cabrini Green public housing.

Parkside Old Town had the most closings during this quarter, after slashing prices 30-40%. The number of Chicago condos sold in this development reached 26 units, out of a total 161. Parkside of Old Town, constructed by Holsten Real Estate Development Corporation, worked with lenders in the Chicago Housing Authority to produce a new pricing schedule. The undertaking incorporated Chicago condos with market-rate and market-rate inexpensive units, as well as CHA replacement housing in townhomes and two mid-rise properties.

Some high-end downtown Chicago condos sold reasonably well during the 3^rd quarter, even though they aren’t the most attractive to first-time buyers. A few of these Chicago condos include the Trump International Tower, the Aqua and the Legacy at Millennium Park.

According to the article from Crain’s, there will not be any newly constructed units placed on the Chicago condo market this year. Chicago real estate that is currently under construction and scheduled to open in 2012 includes the residences at the Ritz Carlton and Lincoln Park 2520. Even though demand for downtown Chicago condos has been weak, supply is recovering, primarily because a lot of Chicago condos have become rental units.

The number of Chicago condos and townhomes that remain unsold fell to 2,198 during the 3rd quarter of 2011–it was as high as 7,689 in 2007′s 2^nd quarter. Developers of downtown Chicago condos closed on 614 condos and townhomes during the first nine months of 2011, compared to 1,431 in 2010.

Similar to other parts of the country, local residents have become increasingly familiar with the existence of empty or abandoned Chicago real estate due to the recent economy crash. On a brighter note however, Chicago real estate located in the city’s South Loop neighborhood is starting to be redeveloped and repurposed. Renters are filling up Chicago condos that have gone through foreclosure and, although there is no news as to whether it will eventually offer Chicago condos for sale, a newer residential building at 1712 S. Prairie Avenue was recently snatched up by a pair of development companies that already have a hand in many projects around the city.

Developers Golub & Co. and Sandz Development Co.—the buyers of many Chicago condos—are the current owners of 1712 S. Prairie Avenue, which is referred to as the “X/O” building. X/O’s original owners, Keith Giles and Jerry Karlik, built the South Loop condominiums during the housing bubble. At the time, the duo dealt with a lot of community resistance to them building their properties, which include Chicago lofts and high rises.

According to a November 9^th article in the Chicago Journal, the original X/O developers faced many obstacles when they attempted to place these Chicago condos for sale. Second Ward Alderman Robert Fioretti initiated an ordinance to rezone the property, in order to limit the number of units within the building. Giles and Karlik filed a lawsuit to keep progress going and the ordinance was eventually withdrawn. Unfortunately, the economy collapsed soon after and the development ran into even bigger problems. Even though most of the real estate development in the South Loop neighborhood is seemingly high-rise rentals and condos, the Prairie District Neighborhood Alliance (a smaller community located within the larger South Loop area) actively protested construction of X/O. The complaint was due to a dislike of high-rise Chicago condos being built on this once-historic avenue.

Consequently, there was a lack of buyers for X/O and since the construction was not financed, the Chicago condos laid empty for years. Complaints were made to the alderman regarding poor upkeep in several abandoned South Loop buildings. But developers have made strong efforts to fence off property sites and clean up the areas to keep squatters at bay. The abandoned X/O site still has signs from the original opening in 2007 that boast “The Journey Begins Here” and “The Sexiest in the South Loop”.

It remains so be seen what Golub & Co. and Sandz Development are going to do with the old X/O condos, especially as demand for rental units inspires a new wave of apartment construction in the city. Other Chicago real estate has been purchased in the South Loop as of late, including a 53,000-square-foot lot that has been vacant for years on 18^th Street and Wabash. The property was purchased by Dynacorp in October for commercial development.

September 9, 2011 – Yesterday we talked about how there is a two and a half year supply of downtown Chicago condos already built, on the market and ready for move-in right now. A recent second quarter 2011 benchmark report from Appraisal Research Counselors as highlighted in a Skyline Newspaper article also stated that while buyers aren’t exactly rushing to sign sales contracts on condos, there were several Chicago real estate developments that did make double-digit sales during the second quarter of this year.

With 21 units sold and closed, 757 Orleans was ahead of the pack in the second quarter. 770 Lofts came in second with 15 units sold and closed, according to ARC.

235 West Van Buren was a close third with 14 condos sold and closed in the second quarter of this year, and Silver Tower along with 200 North Dearborn tied them for third with 14 sales inked as well.

Aqua and the Legacy at Millennium Park tied for fourth place with 12 condos closed in the second quarter of this year.

Coming in fifth place was the Park Monroe with 11 condos that closed from April through June. And the Trump Tower Chicago made it onto the list in sixth place with 10 luxury Chicago condos sold and closed during the second quarter of 2011.

So there you have the best-selling downtown Chicago condos in Q2 of 2011, according to Appraisal Research Counselors. If you’re in the market to buy, you may want to check out these developments and see what they have to offer that has attracted buyers.

[tags]235 Van Buren, Downtown Chicago Condos, Chicago Real Estate[/tags]

June 2, 2011 – For any buyers who are looking for suburban Chicago condos, One Evanston, which used to be called Winthrop Club Condos, has a good selection of units still available. Jameson Realty is marketing the one to three bedroom condos and prices run anywhere from just below $200,000 to just under $1 million. Indoor parking is included in the purchase price.

The units at this suburban Chicago real estate development come with a balcony, floor-to-ceiling windows, hardwood flooring, 9 to 10 foot ceilings, stainless steel appliances, granite counter tops, high-speed wiring for Internet, phones and cable television, large closets, under cabinet lighting, stone bath tile, oversized tubs and showers.

Building perks at One Evanston include a 24 hour doorman, receiving room, club room and catering kitchen, storage lockers and bike storage room, fitness center, indoor pool and whirlpool with towel service.

According to the article, the fitness room, lobby and main entrance at One Evanston have had a makeover. Other building amenities include a 24 hour doorman, club room with catering kitchen, whirlpool, indoor swimming pool, bike storage room and resident storage lockers.

Some of the One Evanston condos currently for sale are listed below.

Unit #608 / 1BR / 1 Bath / Price $199,900 / Assessments $280 / Northeast corner unit with 2 terraces.
Unit #809 / 1BR / 1 Bath / Price $260,900 / Assessments $298
Unit #710 / 2BR / 2 Bath / Price $294,900 / Assessments $370
Unit #704 / 2BR / 2 Bath / Price $373,900 / Assessments $426 / Model unit with south view.
Unit #911 / 2BR / 2 Bath / Price $444,900 / Assessments $502
Unit #505 / 2BR / 2 Bath / Price $559,900 / Assessments $578 / Unit has 2 private terraces.
Unit #805 / 3BR / 2 Bath / Price $568,900 / Assessments $642
Unit #1105 / 3BR / 2 Bath / Price $583,900 / Assessments $642
Unit #1203 / 3BR / 3 Bath / Price $699,900 / Assessments $721
Unit #504 / 3BR / 205 Bath / Price $924,900 / Assessments $1,076 / Northeast corner unit with 2 terraces.
Unit #1404 / 3BR / 2.5 Bath / Price $974,900 / Assessments $978 / Penthouse floor unit with east lake view and north downtown view.

The sales center is open on weekends from 1pm to 3pm. You can compare One Evanston with some other suburban Chicago condos and see which development is the best fit for you.

[tags]One Evanston, Suburban Chicago Condos, Chicago Real Estate[/tags]

May 18, 2011 – A couple of weeks ago we told you about the new leasing program at Optima Old Orchard Woods in Skokie. Just to refresh your memory, The one bedroom suburban Chicago condos, of which there are few if any left, are renting from $1,500 to $1,800 per month and the two bedroom condos from $1,800 to $4,125 per month. The thre bedroom and penthouse units are leasing between $3,125 to $4,725 per month.

There is also a new promotion in progress at this suburban Chicago real estate development. Buyers who sign a purchase agreement by May 31st can get 20% off some select units at Optima. Some of the units that are available are listed below.

Unit #2-1609 / 2BR/2Bath / 1,169 sq ft / was $344,000 now $275,200 / $362 Assessments
Unit #2-1706 / 2BR/2Bath / 1,250 sq ft / was $431,100 now $344,800 / $426 Assessments
Unit #2-1803 / 2BR/2Bath / 1,269 sq ft / was $419,500 now $335,600 / $425 Assessments
Unit #2-709 / 2BR/Bath / 1,442 sq ft / was $428,500 now $342,800 / $409 Assessments
Unit #1-616 / 2BR/2Bath / 1,514 sq ft / was $479,00 now $383,200 / $498 Assessments
Unit #2-911 / 3BR/2Bath / 1,654 sq ft / was $511,550 now $379,900 / $473 Assessments
Unit #2-1511 / 3BR/2Bath / 1,654 sq ft / was $543,800 now $435,040 / $495 Assessments

The condos come with marble baths, granite counter tops, hardwood floors, stainless steel appliances, floor-to-ceiling windows, custom cabinetry, a terrace or balcony, washer and dryer and a fireplace can be installed. Building amenities for all of the three towers include a fitness center, indoor heated parking, indoor pool, spa and party room.

Be sure to check back with us for updates on rental options and price discounts on Chicago condos.

[tags]Optima Old Orchard Woods, Chicago Condos, Chicago Real Estate[/tags]