Into the Weekend 8.13.21

 

 

With your keen real estate eye (which I have tried to help you cultivate with my weekly musings), I invite you to scrutinize the two groups of buildings below. They appear to represent the same type of property - grand pre-war residences with abundant vintage details inside: elaborate mouldings, hardwood floors, stately entry halls, high ceilings, and formal dining and living rooms. Some may have been renovated at one time or another; others need a renovation desperately; and still others are in pristine original condition.

But I doubt you can tell the difference between the two groups (spoiler alert: stop reading here if you need more time to figure this out).

 

So here’s the difference, and it’s a big one. The properties in Group #1 are condominiums, and those in Group #2 are cooperatives. Even though the buildings seem to be similar, what you actually own could not be more different.

 

With a condominium, you actually own the space between the walls of the residence. It’s real estate and it’s yours. 

On the other hand, the purchase of a cooperative is NOT real estate, but rather a stock acquisition. Assuming the board approves you, you will be buying stock in a corporation which owns the building, and then signing a lease for the particular residence you “bought.” 

 

 

But I do. My group and I are here to help you understand this distinction and assist you in making a decision that’s right for you. 

Because no one loves you like we do.

 

Have a great weekend!

Best,

Brad

Although Chicago is known world-wide for its outstanding architecture, let's face it: we also have some real duds. Everyone has a (least?) favorite (Apparel Center, anyone?), but finally there's a tour combining many of them. From the James R. Thompson Center to a certain Tower starting with a "T" to the aforementioned Apparel Center, our buddy Mike McMains (of "Tours with Mike" fame") can tell you all about them on his new "Ugly Buildings Tour", debuting today. As profiled in BlockClubChicago and on WBEZ's Reset with Sasha-Ann Simons, it promises to not disappoint. 

Like most large-scale gatherings, the Chicago edition of the World Naked Bike Ride took a year off in 2020—but organizers are planning a return to the streets tomorrow, Saturday night. Traditionally, the clothing-optional ride takes place in June, but this year's festivities were delayed to a point when more Chicagoans were fully vaccinated. The bare-as-you-dare event seeks to raise awareness of the world's dependence on oil while promoting an environmentally-friendly mode of transportation and body positivity. During this 18th annual ride, cyclists can expect to congregate between 6:00 and 8:00 PM in the West Loop before pedaling through the city (including Downtown/Michigan Avenue, Gold Coast, Old Town, Lincoln Park, Lakeview, Bucktown, Wicker Park and West Town) on a 14-mile, four-hour ride. Keep an eye on the Chicago Naked Ride website for additional details, including the best spots to watch.