I can't speak to the experience of owners, but if you are renting a unit, you have absolutely no rights in this building. The building decided to do a renovation project during the middle of my lease, and arbitrarily shut off water and plumbing for a month, every week day. The more problematic thing is that they entered my unit every afternoon during the renovation, despite my asking them not to, and warning them in writing that it constitutes trespass. In a couple weeks, they will enter my unit to tear down a wall and rebuild it, all without my consent. When I voiced my objections, they ignored my emails completely. I asked them to resolve the issue amicably - but no response. I wouldn't risk living here.... more
In case you weren't aware Google searches https://www.google.com/ and Google Maps https://maps.google.com/ are a wonderful thing for directions/distance, as is Mapquest http://www.mapquest.com/... more
If you are dealing with CHA rent the condo from a friend. Many people may have refinanced twice They can no longer pay the assessments, so they sublease, to pay the assessments. Case in point,a client owned a 3 bedroom,2 bath at 247 East Chesnut. They had no mortgage. Condo paid in full. Assessments exceeded 2500 a month. The retired client and her blind son could not afford the assessments, so they rented it out until they could sell it. It was too much for the owmers, but three Northwestern Hospital interns rented it. It was cheap for them, as it only came to about 900 hundred a month each, plus electricity's. CHA paid $1500 for a cabana in a highrise, under there so called "mobility program" it was worth 10 percent of the unit on Chesnut. They tried to rent it to me,who was an attorney. I paid $400 yo move in,$400 to move out and paid for my resident I.D. card. Besides being fraud,;the pair were indicted for 6 other felonies. The owner, Diane Gotlieb was haneous, sad,malicious person and her accomplish,Bridget Magill, was p demonic pathetic phoney. Never go with the mobility program,at CHA. I have 100 more contacts and a better repoir with Chicago landlords and managers of highrises than this mobility supervisor ever had. I got subsidizwd units at 175 N. Harbor Drive, a very prestigious highrise, Presidential Towers and several others. She got a condemned slumlord building on the West Side,,Homan and Ohio.... more
It is difficult to get a loan in these buildings because of the CHA units there. Many lenders will not do a loan there but there are lenders who will. The only real downfall is resale is a little more difficult because of the loan difficulties. If you need a recommendation for a lender who will do a loan there let me know.... more
It depends on YOU, the investor. If you're paying cash, can you cash-flow on the unit? Is your money making more on the (theoretical) increase in value of real estate vs other investments? Probably safe to say that, at today's rates, your cash will do better in real estate than in a bank's vaults. But if the monthly assessment and taxes is at or above your expected rental rates then no, it's not a good investment. As far as pros and cons, a hotel building will have fewer lenders available and will appeal to a different type of buyer. There's something for everyone - whether this is for you or not is a personal calculation.... more
I am a real estate broker and I currently live in the 680 Lake Shore building. I know I am losing some of my view because of the buildings going up. It is also going to make the area a bit more busy and crowded.
Overall I do not think it will have much of an effect on prices.
Let me know if you have any specific questions that I may be able to answer.
Every building is different, the way to figure it out from an appraiser stand point is this:
Find an IDENTICAL unit on a different floor and calculate the difference in price between the two.
There are many factors that would affect this though: The unit needs to have sold at the same time, similar condition, view, etc...., if it hasn't you would need to calculate how much it has increased or decreased since that time of sale.
It is very difficult to usually find an identical sale that sold similar to the one you are looking at, if you need help with this. Send me info on the building and I would gladly look into it for you.
This is not something that has a set dollar amount on, if anyone tells you that.... they are wrong.... more