233 E A S T W A LT O N P L A C E # 4 C H I CAG O, I L L I N O I S 6 0 6 1 1
G R A N D E U R O N W A LT O N
Urban estate living at its best with 4,500 square feet on an entire floor in a grandeur co-op building. This exceptional luxurious 5 bedroom/ 4 bath home has grand scale and expansive living and entertaining spaces. The unique square plate floor plan has 33 windows in total and allows for all fo u r ex p o s u re s w i t h b e a u t i f u l v i e w s o f t h e l a ke a n d c i ty. Pa s s e n ge r e l eva t o r opens to a foyer leading to your home. Exceptional personal service with 24hr d o o r s t a f f , a n e n g i n e e r, s t o r a g e , a n d o n s i t e p a r k i n g i d e a l f o r l o a d i n g a n d u n l o a d i n g . L e a s e d g a r a g e p a r k i n g i s a v a i l a b l e a c r o s s t h e s t r e e t f o r $ 3 2 5 /m o . T h e m o n t h l y t a x a s s e s s m e n t i s $ 3 , 0 2 5 . 7 3 . Fo r t h e a s s e s s m e n t , t h e m o n t h l y is $3,345.39 and that includes: building management, maintenance, door s t a f f , i n s u r a n c e , h e a t , w a t e r, w i n d o w w a s h i n g , c a b l e T V, s n o w r e m o v a l , a n d garbage removal. Electricity is purchased by the building in bulk and is billed back to the tenants based on individual usage. There is 50% financing allowed. Bring your architects and designers!
5 B E D | 4 B AT H
DINING ROOM
STUDY
KITCHEN
LIVING ROOM
GALLERY LIBRARY / OFFICE ENTRY VEST
CL DRY BAR R F
CL
CL
FREIGHT ELEV
PASS ELEV
CL
POWDER
STAIR
DRESSING ROOM FAMILY ROOM LAUNDRY HALL D
W
LINEN
MASTER BATH
MASTER BEDROOM
BEDROOM 1
GQY62349
BEDROOM 2
N PROPOSED PLAN A SCALE: 1/8" = 1' - 0" 5 DECEMBER 2018
CRAIG
&
COMPANY
DINING ROOM
STUDY
KITCHEN
LIVING ROOM
GALLERY
ENTRY VEST
CL DRY BAR R F
CL
DEN / BEDROOM
CL
FREIGHT ELEV
PASS ELEV
CL
POWDER
STAIR
DRESSING ROOM FAMILY ROOM LAUNDRY HALL D
W
LINEN
MASTER BATH
MASTER BEDROOM
BEDROOM 1
GQY62349
BEDROOM 2
N PROPOSED PLAN B SCALE: 1/8" = 1' - 0" 5 DECEMBER 2018
CRAIG
&
COMPANY
Floor Plan
T h e R e a l E s t a t e I n d i c a t o r a n n o u n c e d t h a t 2 3 3 E a s t Wa l t o n P l a c e “ i s o n e o f t h o s e f e w a p a r t m e n t buildings which have not been built on the investment or speculative basis,” planned for a group of owners desiring “sane and well-ordered apartment living.” Using only a portion of its corner lot to a l l o w f o r a m p l e l i g h t a n d a i r, t h e s t o n e a n d b r i c k s t r u c t u r e s i t s o n a t h r e e - s t o r y s t o n e b a s e a n d i s t o p p e d b y a ( r e b u i l t ) c o r n i c e a b o v e i t s 1 4 t h f l o o r. S t o n e b a l c o n e t t e s , p a n e l s w i t h c l a s s i c a l r e l i e f s , scroll brackets, and flanking urns for the fourth-floor windows soften the austerity of the brick shaft. T h e f u l l - f l o o r, 1 1 - r o o m a p a r t m e n t s e a c h c o n t a i n e d a l a u n d r y, a n d t h e p r o m o t e r s d r e w a t t e n t i o n t o “the absence of the typical apartment hall” made possible by the compact plan of the apartments. The c h a m b e r c o r r i d o r, f o r e x a m p l e , w a s o n l y 2 4 f e e t l o n g . Another McLennon project, 233 was originally managed by Harold Bradley but was taken over by Mc Me n e my & M a r t i n . T h e a rc h i te c t s Howa rd C r a n e a n d Ke n n e t h Fr a n z h e i m a re b e t te r k n own i n Chicago for their elaborately detailed Harris and Selwyn Theaters, built just about this time on North Dearborn Street. In 1938, during the Great Depression, McNally & Quinn proposed a renovation which would have increased rental income by making five apartments out of each full floor unit; the scheme went unrealized.
Everybody Thinks Condo Here are the Reasons Your Client May Want to Consider a Co-Op Instead Why a Co-op?
Ultimate Bundling.
If your clients are in the market to purchase a home in Chicago, they have a lot of options. When they see “co-op”, their first instinct might be to keep on clicking, but they shouldn’t. Unlike a condo, your clients aren’t buying an individual unit. Instead, they buy shares in a corporation that owns the entire building and get a stake-hold to a specific unit.
If your clients like to bundle services and dislike paying multiple bills, then a co-op might be for them. These buildings are incredibly well-run, and assessments often include all the building essentials. Including common insurance, lawn care, trash removal (scavenger) and snow removal in addition to heat, water, gas, TV/cable, door staff and property taxes. How’s that for the ultimate bundle?!
This may sound crazy, but it totally works. Here’s why.
Location.
Co-op Considerations. There are a few things your clients should consider when buying a co-op.
In Chicago, as in New York and Washington, D.C., many co-op buildings are in highly sought-after locations that take advantage of great views. In Chicago, co-op buildings line Lake Shore Drive from the Gold Coast up to Evanston with views of the lake, city and green spaces. Exit any one of these buildings and you are surrounded by shopping, restaurants and transportation, not to mention unparalleled access to miles of lakefront path and parks.
Space. Many co-ops give your clients more space. They benefit from unique floor plans that you don’t find in modern construction. You often get fewer units on one floor, or maybe even a whole floor to yourself. Co-ops may also span multiple levels as a duplex up or duplex down. Transition spaces, like grand entryways and barrel vaulted hallways, plenty of closets and large storage spaces add to the value.
Price per Square Foot. There is value in a co-op. The price per square foot is the ultimate value proposition in Chicago as compared to a condo.
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Financing: Not all co-ops allow mortgages and if they do, they may require at least 25 percent down.
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Taxes: Your clients will pay their unit’s share of the corporation’s property tax each month as part of the assessment. Taxes tend to be lower in a co-op compared to a condo in the same sales price range.
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Board Approval: Your clients will most likely have to complete a Thomas Report -an in-depth review of finances and background check.
Finding the Right Co-op for You. Chicago works on relationships. To find the right co-op for your clients, off market or otherwise, you need to work your Realtor® connections. Consult with Chicago Realtors® who have a connection with the coop buildings and the people buying and selling their units. With a little research and networking, you can help your clients find the co-op of their dreams, with enough space and lakefront views to make all their friends want to live the co-op life, too!
Service. Walking into a co-op building, you are immediately greeted by door staff, 24 hours a day, 365 days a year. Package delivery, no problem. Solicitors, absolutely not. Help with parcels, hailing a cab, or preventing an Uber from driving away—yes, yes and yes. This gate-keeper provides your clients with peace of mind and service.
Community. Some people think that a co-op’s purpose is to keep people out. However the goal of a co-op is to create comfortable communal living. It’s like a real neighborhood under one roof. Most co-ops in Chicago do not allow apartments to be rented out, although a few allow rentals on a limited basis. Rental restrictions foster a less transient environment, so your clients will know your neighbors, all of them.
JH Real Estate Group Jameson Sotheby’s International Realty
233 E A S T W A LT O N P L A C E # 4 C H I CAG O, I L L I N O I S 6 0 6 1 1
JULIE HARRON 312.953.6408 Julie@JHarronGroup.com JHarronGroup.com
Sotheby’s International Realty and the Sotheby’s International Realty logo are registered (or unregistered) service marks used with permission. Sotheby’s International Realty Affiliates LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each Office Is Independently Owned And Operated. If your property is listed with a real estate broker, please disregard. It is not our intention to solicit the offerings of other real estate brokers. We are happy to work with them and cooperate fully. Although information, including measurements, has been obtained from sources deemed reliable, accuracy is not guaranteed.