Chicago Newport Condos – 4800 Chicago Beach Dr

Mark Killion — Tue, 12 May 2015 19:34:45 +0000

Newport Condos in Kenwood

Newport Condos - Kenwood Chicago

The Newport Condos complex in Kenwood Chicago is one of my favorites.
The high rise towers sit right across from the beautiful Lake.
The north building has unobstructed views of the famous Chicago
skyline. The south building also has great views of the lakefront.

Real estate values at the Newport Condos were hit hard by the
Great Recession. Many units have been sold due to foreclosure.
This has caused selling prices to drop consistently over the last few years.
But it appears that prices have gained some stability.

If you are a buyer, this is a great time to pick up a condo in an excellent location with awesome lake views. This is a full amenity building. The building was constructed in 1963. It sits near 48th and Lake Shore Drive. Each tower has 27 floors. All together, there are 728 condos at this complex.

REAL ESTATE VALUES

During the 12 month period ending MAY 12 2015, a total of 28 condos were sold.
Selling prices ranged from $30,000 all the way up to $579,000. The median selling
price was $74,250.

One potential downside with this building is the high assessments. It is not uncommon for 2bed/2bath unit owners to pay $700 per month for assessments. The assessments usually include Heat, Air Conditioning, Water, Gas, Common Insurance, Doorman, TV/Cable, Exterior Maintenance,

But, even with the high assessments, I feel that units in this building are under valued.
You really can’t put a price on panoramic views of the lakefront and skyline.
On top of that, this is one of the few FHA Approved Condo buildings in the Kenwood / Hyde Park area.

If you are thinking about buying, selling, or renting in the Newport Condos Complex,
please contact me. I would be happy to assist you!

Newport Condos For Sale

Until the next time,

Mark Killion
Kale Realty
542 W. Roosevelt Rd
Chicago, IL 60607

Send me a note!

Visit me online: www.773property.com

EQUAL HOUSING OPPORTUNITY

FHA Approved Condos in Chicago

Mark Killion — Sat, 11 Jan 2014 01:39:30 +0000

Hello to all my blog readers out there.
I will use this new post to inform you of condos
that are FOR SALE AND FHA APPROVED!

As you might know, most condo buildings and associations
are NOT approved for FHA financing. So, it can be challenging
to find condos in Chicago that will qualify for FHA
financing.

Of course, you can visit the HUD website to find out which
buildings are approved for FHA. But, the website does not
tell you which condos are currently on the market For Sale.

The biggest advantage of using FHA financing is that you only have
to put down 3 1/2 % of the purchase price for a down payment.
Most conventional programs require at least 10% down.
That is a big difference!

Also, it is usually easier to qualify for a FHA loan because
it has a lower credit score requirement than a conventional loan.
Most banks only require 620 to 640 credit scores for a FHA loan.
But, conventional loans usually require 680 or better.

And last, but not least, conventional loans have stricter rules
regarding debt ratios. So if you are like most Americans and
you have a car note, student loan, and credit card debt, you
will probably qualify for a larger loan if you go with FHA.

Shopping for a condo can be tricky. I have a lot of experience with
real estate sales. I would be happy to represent you as a buyer’s agent.
The cost to you is absolutely nothing!

So, if you are looking for a FHA Approved Condo, please Send me a note!
with your name and price range.