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Dozens of new condominium developments – both boutique projects and large-scale high-rises – are returning to Chicago’s skyline, a new comprehensive annual report reveals.
9-Apr-17 – Chicago currently has an estimated 12,260 condo and homeowner associations containing approximately 306,330 residential units, according to a new comprehensive directory, the 2017 Association Evaluation Report on Illinois Condominiums and Homeowner Associations. The research also revealed that Illinois currently has more than 55,000 condo and HOA associations containing nearly 760,000 residential units. The data was gathered by Association Evaluation from physical reviews and Google rooftop checks of thousands of condo and HOA properties, combined with an analysis of Secretary of State records.
Association Evaluation is marketing its condominium and HOA data to condo service providers such as attorneys, property management companies, landscapers, and remodeling and repair tradesmen – including roofers, plumbers, and contractors. Prices for the Chicago and Illinois lists – that can be sorted by zip code, city, year of construction, property management company, and number of units in the association – start at $2,500 and will be available on April 15. The file is sent electronically via email. Clients have a choice of either a .csv or .txt file. Thousands of HOAs uncounted A total of 18,500 condominiums and HOAs were listed in Illinois by the national organization Community Associations Institute, placing the state in fourth place nationwide. But, according to Benson, many associations were uncounted. “Apparently, thousands of smaller condo associations and HOAs are not registered with the state of Illinois simply because they are self-managed by volunteer owners,” said Benson, who estimated that up to 80 percent of existing units are self-managed or controlled by developers. “With 55,000 individual records, Association Evaluation has compiled the most comprehensive database of condo associations and HOAs available in Illinois.” Association Evaluation’s research revealed that 677 condo associations in Chicago have more than 100 units. It found 24 newly formed Windy City condominium associations. The projects contain 17 to 406 residential units in buildings that are currently in the development pipeline or recently sold out.
• 2550 North Lakeview. The 39-story high-rise overlooking Lincoln Park has 218 residences, plus a cluster of townhomes and single-family homes in a landscaped private courtyard. Prices of available units range from $589,000 to $5.25 million. • Webster Square. This luxury 89-unit new-construction condo building is at 540 West Webster Avenue in the Lincoln Park neighborhood. The 12-story mid-rise is just east of Oz Park. Prices range from $487,000 to $1.525 million. The Webster Square development also includes eight custom single-family homes on Grant Place and 75 high-end apartments in a seven-story corner building that formerly was Grant Hospital.
• 367 West Locust. 45 condo residences are included in the six-story building in River North. All units are sold, and a contract for the last remaining unit is pending at a price of $686,900. • 400 West Huron. This 16-story high-rise in River North contains 25 condo units. There is only one active listing priced at $3.6 million. Pending contracts range in price from $1.2 million to $3.1 million. “High-rise condos may create much of Chicago’s world-class downtown and North Lake Shore Drive skyline, but only about seven percent of the residential units are found in these properties,” observed Benson, who also is a veteran Gold Coast Realtor and president of Benson Stanley Realty. An estimated 40 Windy City high-rise condos – including the iconic 758-unit Lake Point Tower and the landmark 703-unit John Hancock Center – contain more than 500 units, and about six percent of condos are housed in buildings with 100 to 499 units, including the 450-unit 4343 Clarendon.
According to Benson, most high-rises and the highest concentration of luxury buildings are in eight communities along Lake Michigan – Gold Coast, Lake View, Lincoln Park, Loop, Near North Side, New East Side, Old Town, and River North. Other popular condominium neighborhoods include Edgewater, Near South Side, Near West Side, Rogers Park, South Loop, Uptown, West Ridge, and West Town. Between 2000 and 2006, rapid growth of new-construction condos occurred along the Chicago River, in the West Loop, and in the South Loop. In the late 1990s, lofts, created by rehabbing vacated warehouses, were increasingly popular for their high ceilings and brick walls. Earlier, many vintage downtown apartment and office buildings with Old World charm and elegance were converted to condominium ownership. In 2016, some 17,345 condominium and townhome units were sold and closed in Chicago, compared with only 11,144 detached single-family homes, Benson said. Association Evaluation noted that “HOAs are rampant in the Chicago suburbs” where gated townhome and condo communities abound. The directory notes that the sprawling Sun City community, built by Del Webb in far northwest suburban Huntley, encompasses 5,400 units. Standardized rating shows financial health of HOA Association Evaluation also is offering a Private Association Rating – or PARScore – designed to turn guesswork into facts and empower purchasers, lenders, and insurance companies in their decision-making process. Through a proprietary algorithm, PARScore provides a standardized rating between 400 and 900. “Financially healthy and well-run associations receive higher ratings while risky associations plagued with low bank balances, non-paying owners, special assessments, and lawsuits receive lower ratings,” Benson said. Launched in 2012, the Association Evaluation LLC team already has more than 55,000 Illinois condominium associations and HOAs in its database.
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