Chicago Real Estate: Is It Overheating?

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10327 - Chicago Real Estate: Is It Overheating?

Chicago Real Estate: Is It Overheating?

by: Nick Anderson

Chicago real estate is one of the greatest success stories of the recent boom in property prices. With low, low mortgage rates for Chicago home (http://www.bestchicagomortgage.com/mortgage-calc.html) mortgage loans, demand for real estate is going through the roof as people rush to snap up great homes on the beautiful Chicago lakefront, as well as in Chicago's many attractive suburbs.
More than eight million people now reside in the Windy City. One of the few Midwest cities in the last decade to increase in population, Chicago may be well on its way to satiation. There are so few homes available that folks who want to buy Chicago real estate are getting in ahead of the crowd by purchasing pre-construction. Many pre-construction opportunities are available in Chicago real estate.
Chicago Suburbs Real Estate Pre-Construction
In the Chicago suburb of Palos Hills, 17 different pre-construction properties are available. You can, for example, purchase a 2600 square foot 3 bedroom, 2 bath townhouse for $347,700.
While it's too early in the construction process to offer a photo, many features and details are now available online. Each of the townhouses in the development will have a full basement and an eat-in kitchen with doors leading out to the patio. The very larger master suite (20x19) has a walk-in closet and bath. This unit is being built to be handicapped accessible as well.
Another of the many Chicago
(http://www.chicagorealestatereport.com/chicago-real-estate.html) real estate finds available for sale in the pre-construction phase is a smaller town home, 1800 square feet, with an asking price of $247,700. This 3 bedroom, 2 1/2 bath unit will be ready in December and will include spacious bedrooms (the two smallest are still 14x10), a basement and granite counter tops with stainless steel sinks in its 13x11 kitchen. The townhouse community provides free parking for its community member owners.
Researching Chicago Real Estate Online
Along with Chicago real estate listings and pre-construction properties, online real estate sites such as Chicago (http://www.chicago-home-for-sale.com/types-of-chicago-area-homes.html) Homes for Sale offer some additional features that could be very helpful to potential buyers, especially those relocating from outside the Chicago area. From this site you can indicate the neighborhood you want to investigate and ask for information on all aspects of Chicago real estate in the designated area.
With Chicago real estate being as glutted as it is, many may be tempted to say the market is overheating. But you can still find real value in the Chicago real estate market by keeping an eye out for undervalued properties and hidden pre-construction homes that very well might prove to be exactly what you're looking for.
Nick Anderson is a nationally syndicated columnist reporting from MyChicagoIl.US

About The Author

Nick Anderson is a nationaly syndicated columnist with www.mychicagoil.us.

This article was posted on August 18, 2005

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