Good advise and comments here.
I suggest you sit down with a buyers agent, I'm available, and discuss the buying process. It will help you with expectations and make the transition smoother.
Also, once you start to visit some of these high rises while house hunting you'll begin to get a feel for it and then be better able to determine if it's for you or not.
1. When passing a neighbor in the hallway, say nothing, and then open and immediately lock your door
2. Flick your lights on and off three times at 11pm nightly so authorities know you are safe.
3. Fill your garbage bags with loose rocks so that they will easily move down the trash chute.
4. Upon entering the elevator, if you see another resident coming, make sure to quickly push your floor and the 'door close' button
5. Attend monthly condo board meetings in your favorite fascist t-shirt and pretend what you say might make a difference. Be sure to inquire why there has to be a dog weight limit, why the management company is paid so much, why the special assessment cost so much, why you can't bring your bike in the elevator, why you have to pay the cable assessment when you don't use your tv, why the gym is locked after 10pm, why your neighbor is allowed to cook those things that smell like rotting mammal carcass, why were you fined for leaving moving boxes in your parking space, and why the condo board is allowed to make decisions for you.
6. Never forget the doorman's birthday
Check the following:
* Buildingâ€™s owner-occupancy ratio; (you've done this, but double check as numbers change frequently.)
* Percentage of units that are more than 30 days delinquent in condo fees.
* The percentage of ownership that transfers with the unit (and upon what basis that percentage is calculated.)
* Any lawsuits or liens filed by or against the condo association.
* Any municipal notices of code violations against the unit or the building.
* Verification of current assessments, including any special assessments levied, due date and total amount due for the special assessment.
* Name and contact information for the management company and/or association directors.
Also have your broker make the sales contract subject to an attorneyâ€™s review and the your approval of the following:
* An inspection of the unit by a State Licensed Inspector.
* The Reserve Fund Study, if any.
* The Property Report.
* Two years of operating budgets including current financial reserves.
* Balance Sheet (Make sure association is running in the black.)
* Twelve months of most recent board minutes. (Minutes are typically considered confidential documents and are not published. It is only in the minutes you will find out about special assessments that are being discussed, but have not yet been levied.)
* Condominium declaration, association by-laws and house rules.
As the old saying goes, "an ounce of prevention is worth a pound of cure."
Hope this helps.
I've sold units in the building and have unit 2D for sale there now (which you should check out - great owner occupant or investment unit due to lower taxes/assessments than almost any 1 bed there). It's a great building and like some of the others have said one of the best buildings in the area.
Pros of high-rise: easy living - no roof/siding/lawn/basement/etc to deal with. It's full amenity with door staff, laundry, gym, pool, tennis courts.
cons: you have to pay for all that stuff! But you'd pay for it anyway - if you live in a house the entire building is your responsibility.
Koenig & Strey
1850 Clark has become a bargain mostly because they have an ooutrageous special assessment of about 40K per 1 bedroom unit for some structionial work and other odds and ends. Prices are down as a result, but if you can get the seller to eeat the amount or adjust the price it might work. Views are great and parking is low and they allow rentals. The association is fighting the board for instituting the special because the board in very arrogant................another potential issue when living in a high rise.
I have sold at this building this year as the listing agent and buyers agent. I also have rented many units at this building. This is a great building, tons of reserves in the $millions, so many great amenities, great location, and so much more
Please contact me and I can guide you from A to Z
Sohail A. Salahuddin | Founder
Innovative Property Consultants Group | Sales and Leasing
Jameson Sothebyâ€™s International Realty
425 W. North Ave. | Chicago, IL 60610 â€¨
O: 312.335.3230 | C: 312.437.7799 | F: 847.805.6030
"Extraordinary Service For Extraordinary Lives"
If you have any specific questions about the building or high rises, or any other questions, please feel free to email me.
Thank you and best of luck!