What to look for in a high rise condo near lake? (Chicago: real estate, foreclosures)

[johnmarg]

We are looking at retiring to a high rise on LSD or within walking distance of the lake. Want the South Loop up to near north. We always owned homes. What should we look for and ask and prepare for in a high rise. If u dont have a car, how do u get bags of groceries up if you have more than several. Can the windows be opened? Can u hear traffic and downtown noise? Can u feel movement of the bldg in windy stormy weather? Can assesment amounts be changed a lot by the HOA? Is there a best area or building to recommend? We plan to pay up to 550K, plus HOA fees. Anything else?

[snoylekim]

Hmm ..where to start ...

For groceries, , you can take taxis, and most high-rises have 'luggage carts' for residents , or buy a two wheeled basket cart ..you'll see them . For the units themselves, most have a few windows that can be opened, a balcony is a plus . For better heat in the winter , a south or southeast exposure is nice because of the sun angles, but make sure the windows come with adequate window treatments , or you can get the 'terrarium effect' with heat . Newer units have what's called a '3 pipe' heating and cooling system which can provide both heating or air conditioning year round.
All high-rises are designed to 'sway' a bit; the higher the floor, and the layout of other buildings nearby will dictate the amount of sway; rare to actually feel it unless you're very high up, but you will see things like hanging pendulum lights acting like a plumb bob and moving. Noise will be determined by the const
Illinois has a pretty good condo disclosure law ( 22-1) , where financial specifics around a Condo Association must disclose reserves, planned capital expenditures, and the like . Most condo bylaws do allow for special assessments to be levies, but fees are usually only changed yearly , and the process is pretty open; just do your homework before purchase, and use a local real estate attorney ..

[OrangeAndBlue]

Snoylekim has summed it up nicely and hit most of the key points. I'll add my 2 cents:

- I've found that a 3 way pipe system is a huge plus (most newer buildings have this). Without it, you can't turn on the AC or Heat unless the building has turned it on, which can make for some uncomfortable days in spring and fall when it starts to get hot/cold and you can't yet turn the AC/Heater on yet.

- Definitely study the HOA and their budget and cash flow carefully. You want to make sure there are sufficient reserves, compare HOA fees and make sure they are in line. Sometimes new buildings keep them artificially low to attract buyers but then have to raise them big time because they don't have enough cash coming in. Also check the building amenities. Pools and big outside decks are nice but expensive and will mean higher HOA feels.

- Especially with new buildings in the South Loop, check on the numbers of foreclosures in the building. This can be a sign of special assessments or assessment hikes coming your way. Also check on the occupancy rates for new buildings. If the developer still owns a ton of units, there is a chance that he will have to drastically reduce prices at some point, which will instantly kill off any equity you have in yours.

- Most buildings have some windows that can be openend or have balconies, but some older buildings do not. However, chances are if you can open a window, you can only crack it a little bit.

- Check for noise yourself when you're touring a unit. Most buildings have pretty good sound insulation, but it will never make it dead silent. You'll always hear fire trucks, ambulance, etc. Check noise from the El too if it's close by. Judge for yourself if it's too loud for you, but know that you will get used to it after a while and will barely even notice.

- I've never noticed any of the highrises I've lived in swaying in the wind or storms

- Privacy. Do the windows back up right against another building's windows so that neighbors can look right in? Doesn't bother me but it does to some.

- If you have big windows facing east or west without a lot of obstruction from other buildings, you will get lots of direct sunlight that can be blinding and really heat the place up in the summer, so you want some blinds for those windows. If they're not already installed, that can cost you a few grand depending on how many windows you need to cover.

- Difficult to suggest where to look specifically. If you won't have a car, my priorities would be easy access to a grocery store and public transit, which most of the area you are looking in gives you except for the Loop proper (there is no grocery store....yet)

[trickygal]

Hi John:

Let me add my additional 2 cents:

Regarding groceries, many stores in the city deliver. I think whole foods fee is $8 or $10 and there is always Peapod. You can also get a cart, that is if it doesn't diminish your "machoness" like is does for my husband. LOL! :-) If you get groceries and take a cab all high (and not so high) rises that I have lived in have a luggage cart that you can borrow for transport up to your unit.

Regarding the windows, I think that most can open, but it doesn't allow for much air flow unless you have a balcony with a sliding door. Do keep in mind, that you probably won't want them opened often due to noise and dirt.

Ok, so noise varies greatly depending where you live. Now, I've always lived in the Near North, so I'm accustomed to noise BUT my last building was 5 blocks from the fire station and every ambulance and fire truck from that station would drive by my building and blast the horn at the intersection. That was bad. For 550k, I am guessing that you won't be living on LSD but in a highrise within walking distance from the lake. So, keep in mind your neighbors: night clubs (super noisy), the new children's hospital on Superior between Michigan and LSD it will have a helicopter landing pad. Also, look at the ambulance route for Northwestern. I always wonder about the Ritz Carlton residences that are being built at Erie and Michigan right on the ambulance route. UGH. There is also another fire station on Chicago Ave east of Michigan and another between Wacker, Michigan and Randolph and another at Illinois and Dearborn. Also, keep in mind what street you face. I lived on Ontario and although I was more that 20 stories up it was SO noisy with motorcycles and honking on Friday and Saturday nights. (I know this is a ton of info on noise, but I learned the hard way...trust me.)

Before you buy, narrow your buildings and sit in on a few HOA meetings. Most are opened to prospective buyers. Then you can get an idea about special assessments, problems and reserves. There are several buildings with HUGE amounts of foreclosures (American Invesco) which can drastically effect HOA fees. Also, check out this site cribchatter.com. They have tons of info on buildings and tidbits about neighborhoods, pricing, biased opinions ….lots of fun.
Regarding neighborhoods, I like north of the River myself. To me, it is just much more walkable.
Good luck!

[johnmarg]

You have all brought up some great points and things to think about. We can ask the RE agent about some these concerns. The AC heat and noise concerns are there for us. We would love to read any other concerns.