The Michigan Avenue Tower II auction - was held yesterday afternoon at the W Chicago – City Center in the Loop.
Buyers packed one of the hotel’s event rooms starting at 1 p.m. to vie for 43 condos (three more were added) at the tower, located at 1400 S Michigan Ave.
The condos sold for more than many had expected — and the developer looked pretty happy when I was walking out...
In all, sales surpassed $11.2 million.
If you are a home buyer or investor in the Chicago area - you can have the peace of mind in using our expert analysis (in auctions for example) and negotiation services - on all types of properties - bank owned foreclosures / short sales, for-sale-by-owners, new construction etc. I only work for buyers - never sellers (meaning - I am an "exclusive buyer agent"). As such - I am a specialist - not a generalist - and you can never get into the dual agency conflict of interest situations that you can get into - with a typical buyer agent.
I use my background in high-end corporate competitive intelligence to identify very flexible sellers - allowing you to get extremely good purchase prices on properties of your choice. I'm a "Certified Negotiation Expert" (CNE Designation) - and on the Board of Directors of the National Association of Exclusive Buyer Agents - www.naeba.org -- an organization that is the premier trade association in the USA for home buyer representation. Because I have over 20 years of high end negotiation experience, I have several thousand negotiation techniques at my disposal. I select the techniques that work best for a given situation. You can count on me to be fully on your side - telling you about the negatives of any given property - not "selling you" on a property. Market timing is not nearly as important as getting an amazing purchase price on a property -- which then makes timing irrelevant. Contact me using the information below to schedule an appointment for more information.
As Exclusive Buyer Agents - we provide expert research and negotiation for home buyers and investors in the Chicago area - covering both downtown and many Chicago suburbs. Unlike "buyer agents" - we are specialists -- always 100% on the buyer's side.... NEVER EVER REPRESENTING SELLERS! If you are thinking about buying / purchasing a home in the Chicago Illinois area, you should ensure that you have an agent that is on YOUR side – looking out for your best interests.
Relocation Advisors Group, Inc. represents BUYERS ONLY in the Chicago metropolitan area so that you have 100% representation - 100% of the time. We show more types of properties. Besides all MLS listed properties by any company - we show for-sale-by-owner, short-sale and foreclosure properties, properties that aren't advertised, and much more.
If You Become our Client - You Can Be Assured That We Tell You About the Negatives of a Home - Not Just the Positives. You Have an Unbiased Consultant and Advocate and "Personal Real Estate Coach" on Your Side....(Not a "Salesperson") Best of All - You are Nothing Out of Pocket to Us For Our Services... Please Call 847-566-7558 or Toll Free at 866-493-2842 or e-mail us at info@relocationadvisorsgroup.com to schedule a complimentary initial consultation.
If you have excellent credit and are thinking about buying a home between $250,000 to $2 million in the Chicago Illinois area during the next 60-90 days:
We certainly are in the midst of wonderful Chicago area Fall weather. There is a nip in the air, and final leaves to rake. It's a wonderful time of year to be in the Chicago area - especially as it has been warmer than normal - though the cool air is finally kicking in with an invigorating punch...
The local Real Estate market continues to be a very divided market. Homes sales are brisk in the price ranges of under $350,000 and slow down significantly above that price range. The extension of the $8,000 tax credit for first time buyers will guarantee a continuation of this trend. What we don't know at this time is if the $6,500 tax credit for move up buyers will kick start the market above the $350,000 range.
Investors are certainly beginning to take note of this market with it's attractive home pricing and low interest rates. We serve investors by being the top research and professional negotiation firm in the Chicago area - helping them attain deals they would not otherwise be able to obtain - for the price that we negotiate.
With the large number of bank owned properties and short sale properties available for sale it is a perfect environment for investors. When the investors are jumping into the market -- move up buyers should take note that this is a good time for them as well.
We are starting to see another surge of new buyers - like we saw this summer - with our busiest year ever (at least for my company / myself.)
Look for conditions to remain fairly constant through early next year....
DOWNTOWN CHICAGO AUCTION DATA FROM THIS WEEKEND:
The lowest price per square foot for the units was about $258 per square foot -- a 2 BR 2 BA unit at 1,144 sq feet went for $296,000 (it had previously been listed for $520,000) Prime Michigan avenue location - with views of the downtown skyline.
Average per square foot price for the condos based on my calculations - was about $280 per square foot. Bids were fairly consistent based on square footage calculations - perhaps because there were over 200 bidders in attendance.
Units ran drom a 3 BR 3 BA with 2,120 square feet going for $601,000 to 2 BR 2 BA units with 1,115 square feet (317k), 1,144 square feet (296-317K), 1,027 square feet (went for 274k - 305k), and 1,260 (going in the 330's) square feet.
1 BR 1 BA units ranged from 692 square feet (went for 180-190k) to to 751 square feet (198k-222k - quite the range!), 783 square feet (218-221k)
A small 550 square foot studio went for 160k.
If you would like me to represent you at such auctions (either downtown Chicago or for Chicago suburban properties) - feel free to e-mail me directly at rhauser@relocationadvisorsgroup.com
Have a nice day!
If you are a home buyer or investor in the Chicago area - you can have the peace of mind in using our expert analysis (in auctions for example) and negotiation services - on all types of properties - bank owned foreclosures / short sales, for-sale-by-owners, new construction etc. I only work for buyers - never sellers (meaning - I am an "exclusive buyer agent"). As such - I am a specialist - not a generalist - and you can never get into the dual agency conflict of interest situations that you can get into - with a typical buyer agent.
I use my background in high-end corporate competitive intelligence to identify very flexible sellers - allowing you to get extremely good purchase prices on properties of your choice. I'm a "Certified Negotiation Expert" (CNE Designation) - and on the Board of Directors of the National Association of Exclusive Buyer Agents - www.naeba.org -- an organization that is the premier trade association in the USA for home buyer representation. Because I have over 20 years of high end negotiation experience, I have several thousand negotiation techniques at my disposal. I select the techniques that work best for a given situation. You can count on me to be fully on your side - telling you about the negatives of any given property - not "selling you" on a property. Market timing is not nearly as important as getting an amazing purchase price on a property -- which then makes timing irrelevant. Contact me using the information below to schedule an appointment for more information.
As Exclusive Buyer Agents - we provide expert research and negotiation for home buyers and investors in the Chicago area - covering both downtown and many Chicago suburbs. Unlike "buyer agents" - we are specialists -- always 100% on the buyer's side.... NEVER EVER REPRESENTING SELLERS! If you are thinking about buying / purchasing a home in the Chicago Illinois area, you should ensure that you have an agent that is on YOUR side – looking out for your best interests.
Relocation Advisors Group, Inc. represents BUYERS ONLY in the Chicago metropolitan area so that you have 100% representation - 100% of the time. We show more types of properties. Besides all MLS listed properties by any company - we show for-sale-by-owner, short-sale and foreclosure properties, properties that aren't advertised, and much more.
If You Become our Client - You Can Be Assured That We Tell You About the Negatives of a Home - Not Just the Positives. You Have an Unbiased Consultant and Advocate and "Personal Real Estate Coach" on Your Side....(Not a "Salesperson") Best of All - You are Nothing Out of Pocket to Us For Our Services... Please Call 847-566-7558 or Toll Free at 866-493-2842 or e-mail us at info@relocationadvisorsgroup.com to schedule a complimentary initial consultation.
If you have excellent credit and are thinking about buying a home between $250,000 to $2 million in the Chicago Illinois area during the next 60-90 days:
In a survey conducted by move.com before the credit extention - they found that just one in 20 Americans say they plan to buy a home within the next year, and they're most likely to be 34 years old or younger and living in the South or West.
(Comment - that begs the question - what about the East and Midwest? I don't think those markets are dog meat... My company has had a banner year of buyers in the Chicago area - thus far....perhaps because they know that we are totally different (being 100% on the buyer's side - never representing sellers) - and expert negotiators... since that is all we do..)
Roughly a quarter of potential buyers said the No. 1 reason they would buy now is because prices appear to have bottomed out. That reason topped bargain-priced foreclosures, worries about rising interest rates and a wide selection of homes.
Those surveyed widely favored federal policies that kept interest rates low and helped troubled homeowners avoid foreclosure over those that helped first-time homebuyers purchase a home. And, overall, 48 percent of those polled didn't think the government was doing enough to stabilize the housing market, whereas 42 percent thought it was.
Forty-five percent of Americans worry that they or someone they know will face foreclosure in the next year. And almost 30 percent of those with a mortgage have contacted their lender in the past year to reduce their payments.
As Exclusive Buyer Agents - we provide expert research and negotiation for home buyers and investors in the Chicago area - covering both downtown and many Chicago suburbs. Unlike "buyer agents" - we are specialists -- always 100% on the buyer's side.... NEVER EVER REPRESENTING SELLERS! If you are thinking about buying / purchasing a home in the Chicago Illinois area, you should ensure that you have an agent that is on YOUR side – looking out for your best interests.
Relocation Advisors Group, Inc. represents BUYERS ONLY in the Chicago metropolitan area so that you have 100% representation - 100% of the time. We show more types of properties. Besides all MLS listed properties by any company - we show for-sale-by-owner, short-sale and foreclosure properties, properties that aren't advertised, and much more.
If You Become our Client - You Can Be Assured That We Tell You About the Negatives of a Home - Not Just the Positives. You Have an Unbiased Consultant and Advocate and "Personal Real Estate Coach" on Your Side....(Not a "Salesperson") Best of All - You are Nothing Out of Pocket to Us For Our Services... Please Call 847-566-7558 or Toll Free at 866-493-2842 or e-mail us at info@relocationadvisorsgroup.com to schedule a complimentary initial consultation.
If you have excellent credit and are thinking about buying a home between $250,000 to $2 million in the Chicago Illinois area during the next 60-90 days:
Last week, a new Homebuyers Tax Credit bill was signed into law. The bill extends the tax credit for first-time homebuyers (FTHBs), as well as opens it up to current homeowners who are looking to buy. And even if you aren't looking to purchase - pass on this article to anyone you think might be in the market to do so. This is information that might benefit them greatly, and I'll be happy to be of service to them.
Here is a brief overview of the Homebuyers Tax Credit - and its benefits - based on the new bill.
Tax Credit for First-Time Homebuyers
FTHBs (that is, people who have not owned a home within the last three years) may be eligible for the tax credit. The credit for FTHBs is 10% of the purchase price of the home, with a maximum available credit of $8,000.
Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.
Tax Credit for Current Homeowners
The tax credit program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.
Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.
What are the New Deadlines?
In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010. Those in the military do have some special extensions on the timelines available.
What's So Great About a "Tax Credit"?
The benefit of a tax credit is that it's a dollar-for-dollar benefit, rather than a "tax deduction", or reduction in a tax liability that would only save you $1,000 to $1,500 when all was said and done. So, if a first-time homebuyer who qualified for the entire benefit were to owe $8,000 in income taxes and would qualify for a tax credit of $8,000, she would owe nothing.
Better still, the tax credit is refundable, which means the homebuyer can receive a check for the credit if he or she has little or no income tax liability. For example, if a first-time homebuyer is eligible for a tax credit of $8,000 but is liable for $1,000 in income tax, she can still receive a check for the remaining $7,000!
Higher Income Caps
The amount of income someone can earn and qualify for the full amount of the credit has been increased.
Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible.
Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.
Maximum Purchase Price
Qualifying buyers may purchase a property with a maximum sales price of $800,000.
Remember, the new tax credit program includes a number of details and qualifications. Call or email me today at rhauser@relocationadvisorsgroup.com if you have questions or would like to see if you can benefit from the tax credit...and email this article along to anyone else you feel it might benefit as well!
As Exclusive Buyer Agents - we provide expert research and negotiation for home buyers and investors in the Chicago area - covering both downtown and many Chicago suburbs. Unlike "buyer agents" - we are specialists -- always 100% on the buyer's side.... NEVER EVER REPRESENTING SELLERS! If you are thinking about buying / purchasing a home in the Chicago Illinois area, you should ensure that you have an agent that is on YOUR side – looking out for your best interests.
Relocation Advisors Group, Inc. represents BUYERS ONLY in the Chicago metropolitan area so that you have 100% representation - 100% of the time. We show more types of properties. Besides all MLS listed properties by any company - we show for-sale-by-owner, short-sale and foreclosure properties, properties that aren't advertised, and much more.
If You Become our Client - You Can Be Assured That We Tell You About the Negatives of a Home - Not Just the Positives. You Have an Unbiased Consultant and Advocate and "Personal Real Estate Coach" on Your Side....(Not a "Salesperson") Best of All - You are Nothing Out of Pocket to Us For Our Services... Please Call 847-566-7558 or Toll Free at 866-493-2842 or e-mail us at info@relocationadvisorsgroup.com to schedule a complimentary initial consultation.
If you have excellent credit and are thinking about buying a home between $250,000 to $2 million in the Chicago Illinois area during the next 60-90 days:
After the Senate gave final approval last night without a dissenting vote, the House of Representatives voted overwhelmingly this afternoon to pass legislation containing an extension and expansion of the homebuyer tax credit, completing Congressional action and sending the tax credit to President Obama for his signature, possibly as early as tomorrow.
The $8,000 homebuyer tax credit for first-time buyers, due to expire in 25 days, will be extended through April 30 of next year and buyers will have an additional two months, until the end of June, to close. First-time buyers who are in the process of making a purchase will no longer need to worry about qualifying for the $8,000 credit if they close after the November 30 deadline. The new legislation increases the income limit for couples with income up to $225,000, a nearly $55,000 increase above the level in existing law.
For the first time, the new legislation makes buyers who already own a home eligible for a credit. A $6,500 maximum credit will be available to existing homeowners who have lived in their current residence for five of the prior eight years. The legislation limits eligibility for the existing homeowner credit to homes worth $800,000 or less.
The legislation takes effect December 1 and is not retroactive. Both credits are available only for primary residences, not second homes or investment properties.
It is virtually certain that the President will sign the legislative package, which contains an expansion of unemployment benefits as well as the tax changes.
The legislation included provisions added to address complaints of fraud. The Internal Revenue Service is given greater authority to oversee the process to root out fraud, and provisions are added in response to past abuses of false sales or underage buyers. An investigation by the Treasury Department’s Inspector General for Tax Administration found that more than 580 children, some as young as four years old, had received $627,000 in first-time homebuyer credits. The IRS has identified 167 suspected criminal schemes and opened nearly 107,000 examinations of potential civil violations of the first-time homebuyer tax credit.
The legislation also contains a provision supported by the National Association of Home Builders which will help larger companies strapped for cash with net operating losses (NOL). Ordinarily these companies can carry back these losses for only two years to qualify for a tax refund. The provision would make this process extend the carry-back to five years for either 2008 or 2009. The tax break will now apply to losses in either 2008 or 2009, and the income cap will come off.
Comment - this should help keep buyers in the market for quite some time... and perhaps provide a benefit over the normally slower holiday season..
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Are you buying a $250,000-$9,000,000 Home in the Chicago area within 90 days? Then you need to meet with us to compare the difference. Call 847-566-7558 or e-mail info@relocationadvisorsgroup.com
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