Vranas Properties - Chicago Real Estate Blog

Vranas Properties Viewer Mail

QUESTION: Is it hard to find a condo that's FHA approved? I have been looking around on line and noticed, there aren't many listings that are FHA approved. Sincerely, -Frustrated w/ FHA

VRANAS PROPERTIES:
Dear Frustrated,
Your online searches are showing very few results because there aren't many buildings in Chicago that are completely FHA approved.  Don't worry though, because there is something called "FHA spot approval" that will allow for the financing of many units that are in buildings that aren't already completely approved for FHA.

For your situation, once you have indicated interest in properties we have sent you, we will do additional upfront legwork.  Before scheduling showings we will contact the sellers to try and ascertain whether or not an FHA spot appraisal is likely to be approved.  We will eliminate any condos that don't have a a reasonable chance of getting a spot appraisal.  This saves you time and energy.

Paul Vranas
Vranas Properties
Chicago REALTOR

2 More Genuine Reasons Why

You should contact Vranas Properties for "Trusted Agents. Professional Service.":

“I want to thank Vranas Properties for your hard work throughout this process.  I have been completely impressed with your attention to detail, knowledge of the market, and dedication to providing me with the best possible options.  You guys truly run a very impressive operation and my experience has brought me nothing but complete satisfaction.  Believe me, I will make sure my friends contact Vranas Properties when they are ready to begin the purchase process.”
Matthew G, Lincoln Park 6/30/09

“Vranas Properties is a real estate company that lets their clients make their own decisions.  At no time do they try to make decisions for them; rather, they seek to facilitate and offer guidance and experience.  Vranas Properties employees are intelligent and honest, traits that are much appreciated when you are making one of the biggest decisions in your life.”
Kevin D. Humboldt Park 6/16/09

Paul Vranas
Vranas Properties
Chicago REALTOR

New Construction condo in the Residences of Uptown Park Ridge!

Vranas Properties Presents:

50 N Northwest Highway

Unit 301

Park Ridge, IL 60068

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Features

Bedrooms: 2

Bathrooms: 2

This huge 2 bedroom/2 bathroom home with balcony faces the quiet courtyard. Beautiful kitchen boasts Stainless Steel Appliances,Granite Counter-tops and Breakfast Bar. Huge master bedroom features walk in closet. Unbelievable location steps to Metra, Trader Joes, Noodles & Co., Starbucks and more! 1 Garage Spot Included.

Paul Vranas
Vranas Properties
Chicago REALTOR

Stunning River West Townhome with brand new rooftop deck overlooking the city!

Vranas Properties Presents: 849 W. Ohio #12

Property Location

849 W Ohio St

Unit 12

Chicago, IL 60642

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Features

Bedrooms: 2

Bathrooms: 2.5

Elegant kitchen w/ glass backsplash, ample cabinet space, pantry, space for brkfst table, & balcony for grilling! Masterbath has separate shower and dual sinks. 1st and 4th floor multipurpose rooms can be used for office/den/guest bedrooms. Attached 2 car garage. Quiet home located in the interior of award winning Via Como Due development.

Contact Information

Paul Vranas

(312) 255-0505

Vranas Properties
Chicago REALTOR

Supply & Demand: What does the future hold? We have the answers.

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Rather than stop by the inviting Devon Astrology Shop above our nearby Subway sandwiches store (Psychics and Sandwiches.. what a combo!) lets look at a true picture of the market to determine what the future holds.

On January 29th, we took a snapshot of the balance between Supply and Demand for a handful of neighborhoods in Chicago.  We looked at the first time home buyer market (priced between $200k and $500k) to determine the supply /demand balance.

Absorption, Condos $200k to $500k, Sold listings from previous 12 months:
Here is an update of those numbers:

Neighborhood            Active     Sold Listings   Current Absorption January 09 Absorption
Lakeview                   746            912                   9.8 months                5.67 months
Lincoln Park               431            444                   11.65 months             6.8 months
Lincoln Square           189            212                   10.7 months               6.0 months
Near North Side         1291          1002                  15.46 months             9.58 months
Loop                         449            408                   13.2 months               7.67 months
Near South Side        698             469                   17.8 months               9.7 months

The strength of the market has deteriorated significantly in a very short time.  We are in a full fledged buyers market. 

Paul Vranas
Vranas Properties
Chicago REALTOR

3yr-New Construction Top Floor Condo In Elevator Building

Vranas Properties Presents: 934 W. Cuyler #4A, Chicago

Property Location

934 W Cuyler St

Unit #4A

Chicago, IL 60613

Features

Bedrooms: 2

Bathrooms: 2

Contact Information

Paul Vranas

(312) 255-0505

Room for a dining room table! Walk to Wrigley, El, restaurants and retail. Bright corner home has upgraded interior w/ hdwd floors/granite fireplace/crown molding/maple cabinets/granite countertops/stainless steel apps/marble master bath w/ dual sinks & whirlpool tub. Private roof rights included! 1 garage space included & 2nd oversized spot for $25k.

Paul Vranas
Vranas Properties
Chicago REALTOR

How To Profit From Buying A Two-Flat

While not exactly the buy 1 get 1 free special that you might find at your local grocery store, there might be opportunities for you to take advantage of the benefits of owning one of the many two flats that make up Chicago-lands housing inventory. 

Benefits include:
- Ability to rent out the second unit
- Option to convert the 2 flat to a single family home down the road
- Easy financing options

Challenges include:
- Time and money spent leasing, managing and repairing the rental unit

Overall we are big fans of two flats, and currently have a great one listed for sale in Clarendon Hills.

To determine if a two-flat makes sense for you, contact your Vranas Properties Account Executive today for a free initial consultation.

More information on two-flats can be found in recent articles in the Chicago Tribune:
Article 1
Article 2

Paul Vranas
Vranas Properties
Chicago REALTOR

1983: Michael Jackson & Unemployment

"Billy Jean" and "Beat It" are two of the late great pop star's hits which made it to Billboard top 10 in 1983.   Billy Jean was written by MJ referring to a real-life experience, in which a mentally ill female fan claimed that Jackson fathered one of her twins.  "Beat It" on the other hand was actually co-produced by Quincy Jones and featured a guitar riff by Eddie Van-Halen. 

Besides posting a mini tribute to Michael Jackson, what else is significant about 1983? It was the last time that we faced the high unemployment levels that we are at today.  According to Crain's Chicago Business the unadjusted jobless rate in Chicago continues to grow, most recently to 10.7% in May.  Hopefully it won't be long before employers STOP telling their workers to beat it... Frankly, for people looking for a job, there is enough blood on the floor.

Paul Vranas
Vranas Properties
Chicago REALTOR

Chicago's Chinatown: 转 弯 就 是 zhuǎi wān jiù shì

Translates to: It's just around the corner!

If you haven't checked out this wonderful neighborhood on Chicago's south side, you are definitely missing out.

Chicago's Chinatown is bordered by the south branch of the Chicago River on the north, Clark Street to the east, 26th Street on the south and Halsted to the west.

Check out the neighborhood that the Chicago Tribune calls a "hidden jewel" in their recent profile of China Town.. While you are there, please grab us some Crab Rangoon... We can't get enough of that stuff.

Paul Vranas
Vranas Properties
Chicago REALTOR

WSJ calls our economy the chicken. Or is it the egg?

Page 2 of today's Wall Street Journal print edition proclaims:
"Economy Can Rebound Only When Housing Prices Do"

The same article had a different title in the on-line version:"Economy Can Strengthen Only When Housing Prices Do"

Finally, the page header for the on-line article reads:
"Economy, Housing Will Rise Together"

You can view the article in its entirety on-line

Why bother mentioning these revised titles?

There are clear implications in the original article title telling readers that the housing market is a leading indicator for the strength of the economy.  The original title is misleading by the Wall Street Journal and factually inaccurate. 

Which comes first? An improvement in the housing market or in the economy? And here we enter our chicken and egg scenario.

How can more people buy more houses if the economy is in the toilet and we are at a high rate of unemployment? If anything, the opposite is true...the housing market can rebound only when the economy does.

What do you think?

Paul Vranas
Vranas Properties
Chicago REALTOR