Selling your Chicago condo in today’s market can be a challenge – the competition is fierce and buyers are savvy.

Properly staging your condo can provide the “it factor” that helps move your unit faster than those of your peers. In order to sell for maximum value, it’s imperative to distinguish your condo from the crowd by presenting a quote unquote finished product. Move-in ready is what many buyers are looking for.

According to Monika Carney of Phoenix Rising Home Staging and Interior Design, accurate staging is vital in the sales process because it can highlight your home’s strengths.

“Every place has a set of beautiful features as well as challenges,” says Carney. “It’s a matter of knowing how to present the beautiful ones.”

Although every unit is unique, staging generally relies on rearranging furniture, changing color schemes, packing away personal items and making small cosmetic repairs.

Carney, who is also a real estate broker, says that staged homes command higher prices on the market and don’t stay on the market as long as similar properties that are not staged.

Professional staging services are available in most major cities and generally involve the following four steps: consultation, rearrangement of owners furniture, enhanced staging (includes purchasing new furnishings) and complete furnishing of a vacant unit. While professional service costs vary, consulting usually begins around $200, whereas furnishing a vacant unit can cost thousands of dollars. Painting and repairs are also additional costs.

Professional stagers like to remind their clients that not every room in the house needs to be staged. Secondary bedrooms and other auxiliary features aren’t necessarily going to sell your home.

5 Helpful tips from design professionals
Limit the visibility of your possessions. You don’t want personal preferences and style to drive away potential buyers. The idea is to let buyers see themselves living in the unit, not you. It’s hard to create that atmosphere when they’re overwhelmed by your possessions.

Keep things clean and simple. De-clutter your kitchen to enhance counter space and arrange your dining room furniture in a way that makes it inviting and not cramped. Less is more when it comes to accessories in any space.

Be mindful of your closets and cabinets. If these areas appear too crowded, it can give the impression that the condo is cramped and needs more space. Also pay attention to oversized furniture that visually cuts the unit’s space. By eliminating a few pieces of furniture your unit becomes more spacious and easier to sell.

The biggest selling points for any condo are the bathrooms and the kitchen. Enhance your unit’s overall desirability by making sinks, tubs and refrigerators sparkle.

Remember that the building’s communal areas and neighborhood are extensions of the unit; make sure to play them up as well. It never hurts to go the extra mile. Put together packages of brochures, guides and maps of the nearby attractions in order to further entice the buyer.

One of the latest lakefront condo listings to hit the Chicago market is unlike any other. Located in Lakeshore Place, formerly known as the American Furniture Mart, the building is a 1920s landmark set on the lakefront and the appears heavy and dark at first look. However, buyers who are seeking a luxurious, upscale and iconic space need simply make their way to the 11th floor and they’ll know they’ve found their home.

Nancee Martin and Dan Jensen purchased the condo in the early 2000s and decided to give it a much-needed facelift. When they bought the property, it had dark pink decor and thick room dividers. It makes sense then that they chose to renovate the space with an eye toward lightening it up.

They began with the foyer, where they installed a neon lights display that Jensen designed in the style of Dan Flavin. This helped brighten the under lit floor plan’s interior in an innovative way. It also leads the way to a wall of east facing windows that create a stunning natural light show. The Chicago sunshine pours into the large, main space, which functions as the condo’s living room, dining room and study.

This property has three bedrooms, one of which is tucked in the back and is currently being uses as a den. The master suite includes a large dressing room and sleek bathroom. Both the master bedroom and second guest bedroom boast incredible lake views.

Current owners, Martin and Jensen, have now relocated to Florida.

While Martin claims, “We’re too old to be cold,” she does admit to missing the views and the Lakeshore Place building. “[Lakeshore Place] is like a town within one building. In the winter, you don’t have to leave unless you want to.”

Along with its history and charm, this condo listing should prove to all Chicago home buyers, once and for all, that you can’t judge a book (or condo) by its cover.

Chicago real estate prices have seen incredible highs and lows in the last few years, but for condominium and single-family home owners in one of the city’s priciest neighborhoods, there’s been no reason to accept less-than-ideal sell prices. Interestingly enough, and to the surprise of many market analysts, the persistence and stubbornness of some Lincoln Park homeowners is paying off – both figuratively and literally.

Unlike other Chicago neighborhoods, Lincoln Park has sustained a steady home buying environment. Of course purchases have been made in other neighborhoods, but it has become a widely known, and begrudgingly accepted, fact amongst homeowners that they must lower their asking price to attract buyers.

Not in Lincoln Park – this simply hasn’t been the case. Here, homeowners have, on average, been able to stand firm on their initial asking price. In fact, between 2007 and 2011, the median selling price of Lincoln Park condos only fluctuated from $340,000-$420,000. This is an incredibly minor gap, considering the severe hit taken by the housing market in 2008 and 2009.

Though homeowners in Lincoln Park have been thrilled with not having to lower prices, they have had to accept that, typically, the stability of pricing comes at the expense of sales volume. In the third quarter of 2007, 640 Lincoln Park condos and townhomes were sold; by the last quarter of 2011, a mere 336 were sold. So while a firm asking price works well for those who have the most wanted entities on home buyers’ wish lists, others are taking the hit due to decreased sales volumes.

Another neighborhood that appears to be following in Lincoln Park’s footsteps – showing relatively consistent condominium pricing – is West Town, which includes most of Buck Town and Wicker Park. Although the median selling prices for condos decreased to $311,000 in the 4th quarter of 2011, it has fluctuated only between $315,000 and $385,000 since 2007.

This ever-popular neighborhood continues to grow both in terms of Chicago residents and new commercial developments. Popular restaurants, bars and shops continue to flock to West Town, which makes this neighborhood an even hotter commodity to buyers. West Town is quickly becoming Lincoln Park’s biggest competitor in all that it offers both sellers and buyers.

Whether you’re looking to buy or sell a condo in the Chicagoland area, Lincoln Park and West Town have both proven their worth in the city’s real estate market.

They say a picture is worth a thousand words, but for Chicago homeowners looking to sell, it could also be worth a lot of money. In today’s hyper-competitive real estate market, investing time in well-executed photography can provide homeowners a crucial advantage in marketing their property.

Selling a Chicago condo (in a timely manner with an ideal price tag) demands that it be staged to perfection. Its every flaw must be corrected and any necessary renovations must be completed. Unfortunately, even when you’ve done everything else right, it can all be undone by a bad photo. Believe it or not, bad photography can halt potential buyers from ever reaching your front door, which is why solid, professional-looking real estate photography is crucial to selling your Chicago condo at a great price.

If able, homeowners are best served by hiring a professional real estate photographer. As a profession, real estate photography has grown exponentially in the last few years, which means there are a wealth of Chicago-based photographers to choose from. Simply Google “Chicago real estate photographer” to find one that suits your style and your need.

Of course, professional photography can be pricey, plus some people prefer to exercise their own creativity, so don’t be afraid to take your own Chicago condo shots. If you decide to go this route, just keep these five tips in mind.

1. Real estate photos are meant to capture the space that’s for sale – not the person selling it. So take care when photographing near mirrors or other reflective surfaces to avoid capturing your own reflection

2. Don’t try to capture too much in one shot. Done correctly, wide shots can be great, but pictures that feature architectural detail and other close-ups are an ideal attention-getter and may better attract potential buyers.

3. Be aware of perspective. Keep in mind factors like lens distortion and don’t frame shots that create an unrealistic perspective to homebuyers. Also, be careful not to skew vertical lines in a shot by taking pictures at an upward or downward angle.

4. Be meticulous. Don’t spend hours framing every shot, but stay detail-oriented and be intentional. And remember that it’s easier to fix a mistake during the shoot, rather than in post-processing.

5. Keep it clean (but don’t make it sterile). A cluttered photo is as bad as a cluttered condo to potential homebuyers. It creates distraction and makes it difficult for them to imagine themselves in the space.

Whether you’re hiring a professional or taking the photos yourself, real estate photography is the first step to successfully selling your Chicago condo. Just think of it as your home’s first impression on potential buyers – it can only be made once.

See Also: Good Photography is Key to Selling Your Chicago Condo

There are many indicators to suggest that Chicago’s real estate market is finally set out on a path to a much-needed recovery – home sales are on the rise, consumer confidence is thawing and inventory is still relatively low. All of this means the chances of getting your Chicago condo sold quickly are on the up-and-up too. However, this doesn’t mean condo owners have the luxury of putting their properties on the market without first meticulously staging them for buyers.

Even at the height of the housing boom, home staging was considered an immeasurably important aspect of selling one’s home. Today, with competition at an all-time high, it’s even more vital. You may have an amazing condo, but unless its appearance is immaculate, you may find yourself losing out to a similar property whose owners understood the importance of staging.

There may be no such thing as a “perfect” property, but if you take some time to play up your home’s strengths and deal with the weaknesses before putting it on the market, you increase your chance of attracting buyers.

To begin with, Chicago condo owners should remove unnecessary personal objects that are taking up space. Above all, you want to de-clutter your living space, which lets potential buyers visualize themselves in your condo without being distracted by your personal things. One or two accessories per surface is plenty. Make sure your rooms appear clean and simple—that means replacing the cluster of family photos with a vase of flowers or bowl of fruit.

The same goes for furniture. If your condo is packed to the gills with couches, chairs and ottomans, consider renting a storage space where you can keep them until you move into your new property. Your rooms should be maneuverable and carefully staged.

Clean, clean, clean, and then clean some more. No buyer wants to look at a dirty condo, so make sure you scour every inch of your property until it is sparkling clean. Do not neglect hard to reach spaces and nooks that are obscured from view—you never know where a buyer is going to look. Kitchens and bathrooms should be especially immaculate, as they are often the selling points for buyers.

Emphasize special aspects of your home like balconies or beautiful views. Make sure buyers understand why your condo is unique from others. Impressed buyers will remember your condo over others if you manage to wow them.

In spite of positive, upward trends leading the 2012 real estate market, several Chicago condo owners remain hesitant to sell, even those trapped under unaffordable mortgages. Consider first your motivation to sell – don’t base it on current market trends alone, but also on your personal situation (budget, size needs, expenditures, etc). If indeed it’s time to list your home, consider the following steps.

First and foremost, get an appraisal of the property’s current market value. This will give you an idea of how much you’ll make in the sale and, in turn, help you approximate what you can afford in a new property. Remember, this will be an approximation only. Don’t bank on your asking price.

Next, you’ll want to search for an ideal listing agent. Find someone who is knowledgeable of general Chicago real estate, but who also specializes in properties in and around your neighborhood. Don’t hesitate to interview several agents – you need to find someone who suits you and whom you can trust as your closest ally during the selling process. Find an agent who you believe will be motivated to get the best possible price for your property.

Once you’ve chosen an agent, ask them for a comparative market analysis of your condo. The analysis details condos in your area that are either still on the market or that recently sold. This information will give you perspective on how to appropriately set your price and what to realistically expect from a sale in your neighborhood.

Finally, give your agent a tour of your Chicago condo. Ask for detailed input on how to stage each room and whether cosmetic touch-ups are needed. Your agent may even suggest small remodeling projects. Many Chicago condos currently on the market are move-in ready, which is a huge advantage. That means you’ll want to take care of any necessary improvements as soon as possible. And remember, your listing agent is a great resource – utilize their wealth of information whenever you can.

Deciding whether or not to sell your Chicago condo is tough, but once you make up your mind, don’t forget these tips to help guide you toward a successful sell.

See Also: Tips for Selling your Chicago Condo

As a growing host of Chicago developers focus their attention on completing and promoting new rental units, the two brothers who direct Candea Development are devoted to creating spacious, family-sized condos for the city’s home-hunting middle class.

After establishing their Chicago-based development company in 2006, Alan and Armand Candea have spent the last couple of years wondering if it would all slip away. But it never did. And as the local real estate market shows renewed strength and demand for updated residency slowly rises, the brothers are once again full-steam ahead with very specific ideas.

Currently, Candea is planning a three-building, 27-unit complex in the 4800 block of North Damen, where each unit will have three bedrooms and two bathrooms. When compared to existing Candea properties (similar to what’s now in development), one could expect this new complex to include two-person showers, custom finishes and private yards in both the front and back. The idea is to provide a stylish and affordable alternative to brand new single-family houses, many of which top $1 million in cost. In contrast, the new Candea units will likely start around $450,000.

“People want big kitchens and big bathrooms, room for a dining table and a big master bath,” says Alan Candea.

Clearly, Alan and his brother support the idea that everyone deserves their dream home.

In addition to the condos that will occupy most of the new Candea buildings, the main levels are intended as retail space, with two storefronts in each building. This area of North Damen would certainly be an ideal location for a new business or even a chain – it’s easily one of the most popular strips in Lincoln Square. Just north of the proposed building site is the sprawling Winnemac Park and in close walking distance are a plethora of notable restaurants, gourmet grocery stores, performance centers, retail shops and pubs.

According to Alan, space in Chicago “comes at a premium” and he’s very conscientious about creating spaces that provide the little things people tend to value in a home. Like trees. Candea is most likely to select build sites that offer ample outdoor space, surrounding trees or wooded areas and opportunity for natural light. What’s more, Candea creates building styles that demonstrate true respect for Chicago’s unique architecture and the personality that it imparts.

The renewal of the Chicago’s real estate market lends an air of excitement to the city, and the Candea brothers are all about it. As they embrace growing demand and new opportunity, they’re believing in their own ability to place people’s dream home within practical reach.

True to its love of the trendy and niche, Chicago is once again at the forefront of a growing real estate trend – one that’s perfectly suited to the city’s multitude of ambitious artists and late-night entrepreneurs. Live-work condos are distinctively zoned and designed to serve as both home and office, and they’re being promoted by select condo developers across the nation’s largest real estate markets.

Live-work condos? It immediately begs the question, “What’s unique about them?” There are 4.5 million Americans currently working from home – homes that don’t carry such a unique designation.

The simplest answer has to do with land zoning and building codes. These codes determine how a building can be used and specify what safety codes must be met. While several multi-level commercial buildings feature rental units and condos on the above floors, those units are still intended for residential use only – business can be conducted only on the main/ground level(s).

Fortunately, Chicago residents have B2 zoning, which allows for true mixed-use developments and live-work condos. Is Chicago the only city to offer residents combination zoning? Of course not – most cities do. But in Chicago, properties like the live-work condo are championed in both commercial districts and typical residential areas. The city has also granted appeals to convert existing structures to B2 zoning.

To protect both residents and building owners, live-work condos still hold restrictions on what business can be conducted on site. For instance, a resident may provide masseuse services in a live-work condo, but cannot offer medical service. Professionals who commonly practice from live-work condos include attorneys, counselors, writers and various types of artists.

Now, a word about design – there is no standard, no definition and no express requirements. Live-work condos are as diverse as the professionals who live and work there. The simplest layout may feature a large extra room intended as an office. More elaborate spaces are designed as lofts, in which business is meant to be conducted downstairs and living space contained to the second level. Other units boast moveable panels that let people define their own work and live spaces.

Chicago condos are always in style. If you’re in the market, and you refuse the confines of a cubicle or desk, a uniquely crafted live-work condo may fill your every expectation. Perhaps your dream home and ideal office are waiting in the same Chicago space.

More and more, cities across the nation have made the decision to go smoke-free in public areas, including bars, restaurants and office buildings. Now, many of the cities that have already placed limits on smoking areas – including Chicago – are trying to take their bans even further.

Late last month, Democratic representative Sara Feigenholtz introduced legislation to the State House that, if passed, would allow condominium associations to restrict all smoking on the premises. This would bar smoking in both communal areas and individual condos.

Private residences, such as condominiums and apartment complexes, are currently exempt from the smoking ban that’s in place for public areas and private businesses in the city. If Illinois passes the newly proposed legislation, Chicago will become one of the few major cities to ban smoking within private residences.

“Secondhand smoke can cause health problems ranging from sore throat to asthma,” Illinois Representative Sara Feigenholtz said in a press release announcing Bill 4134. She believes condo associations should have the right to ban smoking in any part of their buildings because one resident’s smoking could potentially endanger another’s health.

As one might expect, many Chicago residents applaud this step forward while others believe it’s going too far. Private residences were originally exempt from the smoking ban because it’s just that – a private residence. Those opposed to the bill believe that anyone who owns a Chicago home should be the one deciding whether their space is smoke-free, not the State government.

So what does this mean for Chicago condo owners? Well, nothing just yet. Until Bill 4134 is passed by the State, private residences of any kind are still exempt from the original smoking ban. However, condo owners should stay aware of the latest news and updates as their boards and associations may soon be abiding by a new set of rules and regulations.

Should Chicago condos be smoke-free or no? The Illinois State House will likely take considerable time in debating this matter. Similar legislation has stalled in the past, but perhaps the times are changing.

As the country waits to see whether 2012 real estate predictions for increased home sales and stabilization of prices prove true, Chicago investors and developers are taking a proactive stance to help the local housing market get back on track.

The number of homes in foreclosure rose by 21 percent in the third quarter of 2011, prompting the need for a new solution to this ongoing issue. As part of the effort, the Treasury Department, the Federal Housing Finance Agency and the U.S. Department of Housing and Urban Development collectively called on local officials to figure out how single-family foreclosed homes could be reintroduced to the market in a timely manner.

The Federal Reserve quickly responded. In December, they delivered to Congress a white paper that said several of the foreclosed homes on the market – including many Chicago homes – were viable rental properties. Almost as soon as this idea was proposed, local investors started to take action and, as a result, positive changes are already taking shape throughout the city.

Vacant condo buildings in neighborhoods like Rogers Park, Austin and West Woodlawn, are now undergoing the transition from abandoned eyesores to refurbished, affordable rental units. Thanks to the Illinois Condominium Property Act, which took effect in January 2010, Chicago real estate developers have considerable support in purchasing and renovating these foreclosed properties.

Currently, about 150 Chicago condo buildings are somewhere in the process of being converted into rental units. And residents can expect more to come. Community Investment Corporation, a Chicago-based non-profit mortgage lender acting as the court-appointed receiver for most of these properties, estimates there are more than 250 buildings throughout the city that qualify for renovation.

In August 2011, Chicago identified nine of its neighborhoods as micro-markets where foreclosures have negatively affected the overall community. These areas include Humboldt Park, Chatham, Chicago Lawn, West Woodlawn, Auburn Gresham, West Pullman, Belmont Cragin, Englewood and Grand Boulevard. Will they be the next to participate in this urban rehab project?

Industry analysts will continue to watch as this growing Chicago real estate trend unfolds and hopefully enables more local investors to keep making lemonade out of lemons.