Although Chicago’s real estate market has improved significantly over the past 18 months, home buyers and real estate investors still want to find great deals on available homes and condos for sale in the downtown area. To do so, many often turn to short sales in neighborhoods like Streeterville and the Gold Coast, and while the Streeterville short sale market isn’t as active as it was this time last year, there are still a few short sale condos on the market that hold an exceptional value.
Many home buyers often avoid short sale transactions due to the complexity and uncertainty of such a transaction, but in some instances, short sales are far less difficult than some initially anticipate. In short, a short sale is when the sale of a property falls short of the remaining balance of debt owed on a home or condo, yet the bank or lender often agrees to release the borrowers from any financial obligation to the remaining loan balance. The main advantage of short sale real estate transactions is to avoid the additional fees and costs associated with a foreclosure, which can ultimately save both the borrower and lender money; but this is of course specific to each property and each situation.
Given the high number of properties situated in large markets like downtown Chicago, short sales are far more common than in smaller, more rural regions. Currently, Streeterville short sales range from $154,900 on the low end to $498,500 for a higher-end 3-bedroom, 2 ½ bathroom condo that’s just off the Magnificent Mile. Other than price however, the one thing most Streeterville short sales have that no other short sale property can offer in Chicago is location, location, location. As many Chicagoans know, Streeterville is home to some of Chicago’s best shopping and dining around, not to mention top attractions and landmarks such as the Museum of Contemporary Art Chicago and the historic Chicago Water Tower. There’s a lot to love about the Streeterville real estate market and a great deal on a Streeterville short sale can definitely make it seem that much better.
For more information on Streeterville real estate and Streeterville short sales for sale, contact downtown Chicago real estate expert Helaine Cohen today at (312) 953-0961.
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