downtown condo – The Benefits of Condo Living
Would you consider a condo as the right home for you? Condominium living has become very popular nowadays. There are many benefits in living in a condominium that would make life enjoyable. The best part of living in a condo is that it allows you to the path of financial freedom.
Allow me to discuss several benefits of Condo Living.
1. Living in a condominium means convenience. It is manageable, unlike a single family home, that needs maintenance on landscaping and other responsibilities that can be quite time consuming. This is very helpful in people who are always on the go who do not have the time to take on responsibilities of a bigger home.
2. Security is another benefit you get from living in a condo. Typically, a condominium has a private and round the clock security. Many condo communities are gated to ensure safety on the residents.
3. The condo community gives you a chance to enjoy in simple ways the sense of belonging in a community. It is important to exert an effort to develop a sense of community among its residents. Most condominiums have regular social occasions per month, which could give you a wonderful chance to know your neighbors better.
4. Great amenities and recreation facilities are found in most condo communities. There are a wide range of choices from fitness centers, swimming pools, clubhouses, and business centers as well. You need not go far to unwind.
5. Condominiums offer an alternative lifestyle, especially if you are one who prefers independence and more convenient than buying a typical home.
6. This type of living appeals more to young and single professionals and small families for that matter. It provides a different kind of lifestyle and living conditions.
7. Living in a condo is cheaper than owning and building your own home or purchasing a more traditional home. Although it may appear expensive at the start, but usually, the extra money will come back to you in the form of your tax refunds. To top that, your mortgage for the following year will be the same and your debt reduced.
8. The location of a condominium could also be an advantage for you. There are many condominiums in downtown areas where land is at a premium. If you are more into the city life and if you want to be in the heart of the city, a condo may be the best one for you. Especially when your heart is located at the center of the city, it would really help to opt for a condo living experience.
You can always make your choice among other dwelling houses, but if you want to try out a totally different, newer and fresher lifestyle, try a condo unit and prepare yourself to enjoy a chic kind of urban living. You can select the type of condominium for you. There are townhouses, condo apartments and many other types of condominium available. All you have to do is find a good real estate agent who knows a great deal about condominium living and you are on your way to enjoy this modern lifestyle.
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While the national housing market continues to attempt to stabilize itself, Appraisal Research Ltd., a real estate appraisal, research and consulting firm in Chicago, believe that the economic drag will sharply pull the price of Chicago Loop condos down in the early part of 2010.
A Rehabilitating Economy
A couple of different aspects of the current economic condition are figured to play a major role in the downturn pricing of Chicago Loop condos, according to The Chicago Journal and Frank Nothaft, vice president and chief economist for Freddie Mac.
- Projected heavy foreclosure activity in 2010
- Slower recovery of any recession over the last 50 years
- High rate of mortgage defaults
- Growing inventory of loans in foreclosure
- Weakened bank balance sheets
- Banks’ reluctance to lend
- Depressed household net worth
Nothaft compares the aftermath of the recession in the United States right now — some will argue that we are still in a recession — to the aftermath following the recessions of 1974-75 and the early 1980′s. In both of those cases, economic growth was sustained at 7 percent or more. In 2010, economic growth is expected to be less than half of that.
Pricing Instances For Some Chicago Loop Condos
The economy’s impact on real estate is expected to continue so much so that The Chicago Journal refers to Chicago’s downtown market as becoming “Bargainville” for prospective buyers. And it doesn’t appear as if they’re joking. Here are a couple of downtown condominiums they list as bargain examples, with the result of re-pricing noted:
- A high-rise at State and 9th street in the South Loop has dropped one-bedroom units to $159,800, down from $199,800.
- Penthouse units at that same State and 9th street condominium are down 27 percent: now $549,800, previously $699,800.
- A condominium conversion at 10 East Ontario in River North sells units between $219,000 and $245,000, down upwards of $150,000.
- In some cases, some buyers at the 10 East Ontario condo conversion can be bestowed with free parking, previously valued at $40,000.
- At a West Loop condo at 565 Quincy, a junior one-bedroom and one-bath unit’s price was cut from $201,000 to $164,000.
- At that same complex, two-bedroom, two-bath units can be now purchased for $331,000, down from $441,900.
- Like with the 10 East Ontario units, parking at 565 Quincy (valued at $35,000) is included in one and two-bedroom units.
Although it’s a sign of an economy still in trouble, the backsliding prices of Chicago Loop condos should be seen as welcome news to downtown condo-seekers everywhere. Prices in “Bargainville,” the federal government says, are projected to continually decrease through 2010.
Chicago North Shore homes for sale are the specialty of real estate agent Bonnie Kenney. Search North Shore listings and find information on the Shore’s neighborhoods on her website and blog.
Full story here.
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