Assessments are determined by the developer and are set when the building Declaration and Survey are first recorded. Assessments reflect the percentage of ownership that each unit has out of the entire 100%, and are based on a number of factors including square footage, view, floor height, and are set for each unit relative to all others in the building. For instance, a high floor with a west view that includes the city skyline might be determined to be more valuable than a south view.
The total of all of the assessments is equal to the annual operating budget of the building plus another 10% which is deposited into the reserve account each year and ear-marked for future repairs or improvements.
A newer building will have less maintenance and lower annual operating costs than an older building and so the assessments are usually lower in newer buildings. If/when assessments are increased they will increase proportionately for every unit in the building.
Taxes are also based on the fact that the building is new and hasn't yet been reassessed by Cook County. We have a triennial re-assessment calendar in Cook County. The City of Chicago was reassessed in 2013 and increases in taxes will show up on the 2nd 2013 tax bill which will be issued summer/fall 2014 and due 30 days after issuance. Given the healthy sales in the building I would expect to see an increase in real estate taxes for units in The Grant.
I hope I've answered your questions - let me know if you've got others and I'll do my best to get you complete and correct answers! Sara
There are currently NO resale units available. Resales would be offered by unit owners who purchased from the original developer when the building was first offered for sale in 2007.
There are currently 13 units under contract, waiting to close, and 10 units for sale by Related Realty, a national firm which purchased unsold units in bulk from the original developer when they went under.
Related has units for sale which were finished by the original developer which they call CLASSIC FINISH. The Classic Finish features wood floors and cabinets and granite. Other units which had not been finished when they acquired the building are being finished in a more modern style which they call the SIGNATURE FINISH. The Signature Finish features white cabinets, quartz countertops and grey wood-look floors.
The Grant is a quality building in a location with protected east views (across train tracks, Lake Shore Drive and the lakefront). It is dog and family-friendly, and is an excellent option with easy access to the Museum Campus, Soldier Field, the lakefront, and all that the South Loop and City of Chicago have to offer.
I would be happy to discuss more about the building with you.