Posted by michaelhulett in Loft Sellers Wednesday, 20 July 2011 09:32 No Comments
If you’re thinking of selling your Chicago loft then there are a few things you need to be aware of prior to listing your home for sale. Your lofty abode is unique. You didn’t buy cookie cutter and neither is the next buyer of your home. Therefore, you shouldn’t market your home like every other one. Listing lofts for sale is about 90% similar to listing any other residential property type. It’s the 10% difference that gets your place noticed. All listings must A.) be priced competitively and B.) show very well, no exceptions. Lofts buyers however are a little different than your typical condo/apartment purchaser. They respond a little more to the emotional pull of the space. Loft buyers want beautiful, dramatic spaces to call home. It’s an extension of their personality. In order to capture that feeling up front, you have to reel them in with the two most critical elements that you can control: pictures and description. The pictures are the most important element. It’s always the first thing people go to on-line so if they don’t look good then you won’t even be lucky enough for them to get to your description. Loft photos should feature the key elements loft buyers look for: wide open space, large windows, exposed elements such as brick or timber, even a shot of the gleaming hardwoods. Sex sells, it’s no different than selling jeans. Sexy photos that lure a buyer in will produce interest. In many cases we’ve opted to skip bathroom or guest bed shots in order to fit in a few more “key element” shots. FYI – this should always been done by an experienced photographer who specializes in real estate. Your 8megapixel Android, however sweet, is not the answer;) The description is next in line of importance. Since you can’t be there to speak for the home prior to a showing, your description becomes your voice. The same applies here – key element features should be packed in here. Words and phrases like exposed brick, timber columns, exposed ductwork, 12ft ceilings, huge windows, and so on immediately identify the space as unique and creative which the buyer is looking for. These words are also big time emotional sparks for the property. I’ve been helping people buy and sell for over 11yrs now and I can tell you this – it’s impossible to sell someone a home. The home has and always will speak for itself. If it sings to them, they will listen. What song is your home playing? As always, if you have questions or need some help just give us a call.
Posted by michaelhulett in Loft Buyers Monday, 31 January 2011 19:55 No Comments
We get a lot of calls about purchasing “raw” loft space. We truly wish there were more of these spaces available as we love them too. Many people are disappointed to find that they are so tough to find. There are TWO primary reasons why:
- Most of the lofts in Chicago were built in the last 15 years. The trend year after year was to continue to make the spaces smaller, more well appointed, and lets squeeze in an additional bedroom as well. The reason – people paid more for the end product.
- The Chicago lofts that were done 15+ years ago are much fewer in numbers. Those older loft buildings often had much larger floor plans and few bedrooms. The result = lofts you see in the movies. When we come across those same buildings now we often find that someone has already “tampered” with the floor plan. Added walls, bedrooms, etc. They are no longer the open vistas of old.
The best place to find these older loft conversions is in neighborhoods such as Printers Row, Bucktown, and the West Loop. Outside of that the pickings get thin. Another great way to go is to find a stand alone commercial building that could be suitable to your needs. There are a few key factors that come into play for this option. First of all they are often more expensive. Additionally, it must be zoned accordingly in order for you to actually live there. A call into the zoning department can verify this. Mixed use buildings are a great option. That’s what you see as a typical retail store on the first level, then apartments upstairs. They come in all shapes, sizes, and locations. The other key factor to remember when purchasing a property with any commercial component is that the loan terms change. That means higher percentage down (typically 20%+), higher interest rates, and less favorable terms in general. With that said, there are some great SBA loan programs that can get you in for as little as 10% down. All in all, our advice is the same it is with any other property type – really work through your Needs and Wants list prior to starting your search. If you know exactly what you need, you’re halfway to finding the perfect lofty Chicago abode. Live Lofty.
