FSBO Jane

Especially popular in cities, condo conversions basically mean this: a building of rental units converted into owned condos.

It’s what happens when an apartment complex or a motel—in which residents rent their homes on a monthly basis—is changed into a condo complex, and the residents can buy and own their units.

Benefits of Condo Conversions for Builders:

• Easier and more cost-effective than building a new complex from the ground up.
• Pool of interested buyers already located in the building (the current renters) - usually at least 10% or so will choose to buy.
• Pool of interesed buyers in investors - the other prime interested group would be investors who will buy units to rent out.

Things to Keep in Mind as a Buyer/Investor:

• A condo conversion will probably receive a lot of upgrades to the units; however, it is not the same as a brand-new building. Be prepared for the costs that will likely be involved as an owner.
• Condo complexes/buildings usually have rules residents have to abide by, such as if pets are allowed, where you can park, etc.
• The HOA can tell you what percent of units are not occupied by owners. This is important to find out, as it can affect your ability to obtain a mortgage with your chosen lender.

Examples of Condo Conversions:

• 2-flat that could be condo conversion, Chicago, IL
• Remodeled conversion in Tampa, FL

 Speaking of Apartment Therapy, there’s one more thing I wanted to point out to you: their Home Cure project. The general information page about Spring Cure 2009 is here, and what the project is, essentially, is an eight-week project for improving your home.

There’s a flickr group, a book and message boards to create a sense of community. The weekly topics began with “Creating your vision” and moved onto particular project areas like the landing strip where you enter your home.

Though the eight-week journey is already underway, there’s no reason you can join in officially or on your own. Go check it out!

(Image source: Vintage Goodness)

Maybe it’s just the time of year, but I’ve been in a redecorating mood the last few weeks. For me, that means I’ve been looking for excuses to stop by Bed, Bath & Beyond, Target, Pottery Barn, Restoration Hardware, IKEA… you get the idea. Sometimes, when it’s rainy or I’m tired, even I don’t feel like going out, and when that happens, I know I can still find inspiration, without leaving my living room. I browse my favorite decorating resources online. Here are some of my favorites:

1. HGTV & Rate my Space: HGTV has long been considered an authority and resource on television, offering shows like Trading Spaces and so on. Its Web site is just as valuable, and one of my favorite features is the Rate my Space section, which allows you and other viewers to submit photos of your own decorating to be rated. I could flip through those photo galleries all day!

2. Addicted 2 Decorating: I don’t remember when I first found this site, but it’s always fun to look through, loaded with inspiring pictures and ideas.

3. Apartment Therapy: You know I like this site, but it’s not just for their Small Cool contest or the annual Cure projects. AT posts several times a day, giving you all kinds of ideas for improving your home. I especially enjoy the home tours, which let you look inside well-decorated residences. I’m always looking for new staging ideas!

4. Buy Owner Blog: Not all the articles on the Buy Owner Blog are about decorating, but there is an entire category devoted to improving your home and fixing it up to sell and/or live in.

5. Design Sponge: Again, gorgeous photos, great design ideas & bonus: an awesome before & after section!

Do you have favorite resources you turn to? Let me know what they are!

Weeds and stains got you down? Here are some quick tips for cleaning your cement/blacktop driveway!

• Try dipping a long handled brush into a mixed solution of water and washing soda and scrub your driveway.
• Oven cleaner works wonders on stains, even on the driveway. Apply the cleaner directly onto the stain, let it sit for awhile, then rinse.
• For a more powerful scrub, you may need a pressure washer. This will especially come in handy if you have a deck in your backyard, as well!
• Remove oil stains with saw dust or cat litter.
• After you pull out weeds, prevent them from coming back by sprinkling a little bit of kosher salt into the cracks of your driveway.
• NEVER use rock salt. Generally used to melt ice, rock salt causes corrosion and will eat away at your driveway.

CNN Money created a list of the top 100 places to live in 2008. As a strong hater of winter, I expected at least the top 25 places to be located in warm beach towns. Was I ever wrong! As a Chicago resident, I am proud to announce that five Chicago suburbs made it onto the list! I must give them a shout out for success.

Naperville scored third out of 100! Perks include large yards, a booming downtown area full of shops, restaurants and bars, a two-mile Riverwalk and an abundance of businesses, i.e. jobs. Downfalls include pricey homes and congested roads.

Bolingbrook placed 32nd. Though this town claims the title of “village”, the area is a booming goldmine for success with its recently added Clow International Airport, expected to expand, and its open-air mall filled with classy stores and restaurants.

Wheaton, ranked 54th, is filled with historic beauty and open nature preserves. People flock to Wheaton’s 800-acre park district, not to mention its prestigious college and its famous, historic courthouse.

Aurora, ranking 74th, features an atmosphere of city and country alike.
Aurora proudly remains one of the first cities in Illinois to execute electric street lighting, and these lights still shine brightly in the impressive downtown area that includes a theatre and a casino.

Orland Park, closing up the rear with its 92nd rank, boasts a massive mall, a whole street of car dealerships, and ample ways to commute to Chicago.

Though I’m not entirely sure how these towns were judged, I am sure that potential homebuyers might want to check listings in these areas and other award-winning towns and decide for themselves!

Here is the list in its entirety.

While we all remember our tiny first apartments and what it meant to furnish and decorate them, Apartment Therapy has taken the idea one step further. Its annual Small Cool competition draws submissions from around the world, with entries highlighting a handful of photos and descriptions proclaiming the values of a particular small space.

Why this is worth looking at: Most of the entries are apartments, and probably almost all of them will seem a lot smaller than your home. However, seeing how others have used creativity and ingenuity in their shoeboxes (so to speak) can be extremely inspiring!

I’ve often thought homeowners would do well to look at these contests, if only to see how much difference some decorating can make it selling the value of a home. Looking through the entries, which range in size from 200ish square feet to just under 1200, you’ll be amazed at how many ways there are to purpose and utilize a space.

Go check it out and be inspired! Voting on finalists runs through 4/29, and voting on the final four ends 5/4.

(Image: Apartment Therapy)

Buyers searching through today’s home listings don’t have to look too hard to find short sales, an increasingly common occurrence in this housing market.

Essentially, a short sale occurs when a mortgage lender agrees to accept payoff for less than the balance of the loan. It’s designed to help hurting home owners who can no longer make payments—due to job loss or something else—and want to avoid foreclosure. The sellers make arrangements with the lenders to sell the home for less than what is owed, and the lender either forgives the difference or requires the seller to make a lump-sum payment for it.

Yet the truth is, short sale is really something of a misnomer, as these transactions tend to be anything but short. Due to complications with lenders, banks or sometimes the sellers themselves, these deals become long, drawn-out processes that, often enough, never reach the closing table.

Before choosing to sell as a short sale and before choosing to purchase as a short sale, consult your tax professional to find out about consequences. As a seller, you should know that in some situations, debt forgiven is considered income and can be taxed at the same rate as the sellers’ salaries. As a buyer, you should be prepared to meet with complications from the lender, and there’s always a possibility that the deal won’t go through.

 I love pointing out new decorating ideas, especially affordable ones! This modern wallpaper from Design Public (pictured above) would be a great addition to living spaces. Think of it on the ceilings as pictured for a Victorian appeal or on the walls for decorative detailing.

There are even more options over at DesignPublic.com, ranging from $25 to $310 and creating the illusion of really impressive architectural character!

(Image: DesignPublic)

No matter where you live in the nation, spring seems to always bring more cheerful moods to the table. Here in Chicago, most of us literally jump for joy when we see a robin or a flower bud on a bare branch. But apparently, Florida celebrates spring, too!

I was checking out the Buy Owner Blog today, and I noticed that they have numerous blogs going about things to do in the cities that they deal with. I saw one for Fort Lauderdale, another for Orlando and one for Tampa. Who knew there was so much to do this time of year?! All these fests and free activities make me want to take a trip there! If you live in the area, or you plan on visiting anytime soon, definitely check these out.

Also, if you’re looking to sell a house in one of these areas, these special events and activities can help you promote the area to potential buyers! If you’re buying a house in one of these areas, find out what kind of events occur where you want to live.

Take it from me, the woman who has seen one too many rooms painted jet-black or hideously purple: when you’re selling your home, paint the walls neutral colors!

Why?

1. Neutral Colors Are Less Personal: It’s true that you want your house to feel like a home when you’re living in it, and that could be why you choose dark or bold colors - that’s fine. But when it comes to sell, you’re not trying to please yourself; you’re trying to please potential buyers. If you make very specific color choices, you immediately limit the pool of buyers you can attract.

2. Neutral Colors Are Soothing: There’s a reason they call them neutral - they are soothing, easy-to-please, the colors that the most people will be able to imagine their furniture set against.

3. Light Neutrals Enlarge Space: A room painted with light neutral colors will appear larger than the same room painted with dark blues or black. In selling you are trying to maximize the appeal of your home!