Access
Who can access the Web site?
Anyone, on a subscription-only basis. Subscriptions are sold primarily in bulk
to the Multiple Listing Service. Buyers may access the site, free, as
guests of any participating agent, or may purchase their
own subscriptions, for a minimum of 30 days.
How can I subscribe?
Go to Subscribe
Coverage
Which buildings are profiled on the site?
In addition to resale, they encompass properties being planned, built or
converted. Included are affordable units, two- and six-flats, high rises,
plus loft, vintage and hotel condos. If any sale has taken place in a building
in the previous five years on the Multiple Listing Service (MLS), that building
is in our database.
How often are buildings added?
Profiles are added weekly, as we receive data from property managers,
developers and other sources. Coming are thousands more profiles in
suburban Cook County, starting with more than 400 in Evanston.
Who can add a Building Profile?
Anyone who has the information: property managers, developers, association
officers, agents, owners. Just download and fill out the
Building Data Form. There is no charge. Either e-mail floor plans and
other documents in electronic form or mail hard copies. Before the profile
is published on the site, we may verify with a responsible individual the
accuracy of the data.
Which communities are covered?
We have profiles of all 77 community areas in Chicago and of each of the 202
neighborhoods into which those areas have been divided.
Data
Where do you get the data you publish?
Data are gathered from many sources, most importantly from
property-management companies that manage the buildings. The 14
property-management companies that have agreed, so far, to provide data are
among the largest and most-respected in Chicago. They include: Wolin-Levin,
Sudler (under previous management), Kass Management, The Building Group, Draper
& Kramer, Legum & Norman, Community Specialists, Regent Realty, The
Habitat Company, Venterra, Baird & Warner, Falzone, American Invsco, First
Properties.
How can I be certain data are accurate?
You cannot be absolutely certain, but we take several steps to make data
as accurate as possible:
1. We attempt to gather the data from the most authoritative sources
possible, usually from the on-site property manager or the management company.
2. We ask the responsible property manager to review the data we have
collected from other sources and to correct any errors. We check some of the
data ourselves with various reliable sources.
3. We invite users to report errors, simply by clicking the Add/Change
Data link at the top of any Building Profile.
How often are the data updated?
Changes are made to the site daily. Building Profiles will be reviewed and
updated annually, but changes are made as soon as we are made aware of them.
What if I see inaccurate or incomplete information on the site?
Notify us immediately, by clicking on Add/Change Data link on that page,
or just send us an e-mail. Before we publish the data you send us, we will use
reasonable efforts to verify it with a responsible source. Then it will be
immediately published on the site. If you have additional data or documents,
send them to us, either by mail or e-mail.
Where can I find the specific sources and methods for your data?
See Sources & Methods below.
Documents
For which buildings have you posted documents on your
site?
Available now are 13,000 floor plans, 500 building plates, 1,250 declarations
and 500 amendments. To see if we have a floor plan or building plate for a
particular building, go to the appropriate Building Profile and click the
"Floor Plans and Building Plates" link; for a declaration or mendment, click
the "Documents" link.
How can I be certain the documents are official, complete and current?
Declarations & amendments: We make available mostly those declarations
recorded with the Cook County Recorder of Deeds. Each page is stamped. In a few
cases, the documents were provided by the property manager.
Floor plans & building plates: Our 13,000-plus floor plans and 500-plus
building plates, or tier-location guides, came from the volumes collected and
published by Condex, from the files of a major brokerage, from developers,
agents and property managers.
Glossary
Assessments (aka Maintenance Fees or
Common Charges)
Assessments, also called maintenance charges or common fees, are the monthly
fees collected from owners to maintain the common elements of a property. They
include labor (employees), cleaning, sometimes heating/cooling, water, repair,
insurance, etc. Generally, the older the building, the more maintenance is
required, so when comparing the assessments in two buildings, keep that in
mind.
Special assessments, on the other hand, are
one-time fees collected from owners to pay for any project the association
(board) needs or wants. Common projects include: new roofs, repair of
balconies, refurbishing common areas such as health clubs, swimming pools and
hallways.
Association
The legal entity, made up of owners, that governs the property and is
responsible for managing it, although many associations delegate that task to
property-management companies. Usually a private, not-for-profit organization,
registered with the Secretary of State. It is run by a board of directors
elected by the owners. The association, through the board, makes and enforces
the rules, handles legal and safety issues, determines and collects the
assessments that are used to operate and improve the property.
Average Annual Turnover
Turnover is a percentage calculated by dividing the number of residential units
sold, during the period covered, by the total number of residential units in a
building. This figure can be an indicator of how transient the owners are (the
figure doesn’t include renters) and perhaps how satisfied, or dissatisfied,
owners are with a property and how well it is managed. The turnover is also
influenced by the demographics of the owners. Older owners tend to move less
often than younger ones, for example.
Average Market Time (AMT)
This is an important indicator of the temperature of a market. A
longer-than-average market time can portend problems with a particular
neighborhood, building, unit type or specific unit (that it’s overpriced or in
poor condition, for example). It’s sometimes a signal that you can get a
bargain if you know what you’re doing.
AMT is calculated by counting the number of days that have transpired since the
unit was first listed on the multiple listing service. If the unit is taken off
the market and put back on, the previous days it was listed are counted.
Balcony (as compared to patio,
terrace)
A platform, enclosed by a railing, projecting from the wall of a unit, and
giving the resident access to the outdoors. On the ground floor, this extension
is sometimes called a patio or terrace. These areas should not be included in
the measurement of total square footage of a unit, but sometimes are.
Broker
Although commonly used interchangeably with Realtor®, or agent, broker more
appropriately refers to a managing broker who supervises licensed sales agents
in an office or company. Technically, a broker is a person, corporation or
partnership licensed by the state to represent a buyer or seller in a
real-estate transaction in exchange for a commission. The broker is the
principal agent in any transaction, and owns all listings.
Building Plate (sometimes called
Floor Plate or Tier Location Guide)
A building plate, or floor plate or tier location guide, is an architect’s
drawing of an entire floor of a building, showing the location of each unit,
and other spaces (elevators, etc.) on that floor. Often, there are several
plates in a building, usually repeated on several floors. Important to review
to see if a unit is next to a potential nuisance, such as an elevator, trash
chute, boiler, etc.
Buyer’s Agent
An agent who represents a buyer in a particular transaction. There’s no
downside, because being represented (helped) by a buyer’s agent costs the buyer
nothing and most don’t require you to sign an agreement.
Common Element
Any area or part of a property owned, and used in common, by unit owners and
managed by the association. This generally includes land, driveways, lobbies,
hallways, recreational facilities, mechanical equipment, exterior walls, roofs,
etc. Maintenance, repair and replacement of common elements are paid for from
the monthly maintenance fee or, in some cases, special assessments. Each owner
has an undivided percentage ownership interest in the common elements.
Condo
On this site, “condo” or “condominium” refers to a building, not to a unit.
Convertible/Junior
One-Bedroom/Studio
Careful with this term. Theoretically, a studio can be converted to a
three-bedroom unit, but who could live there?
Co-op (or Cooperative)
A co-op is a form of ownership in which the owners share liability for the
underlying mortgage on the entire building, including the interior of
individual units. For practical purposes, the main difference when comparing a
co-op to a condo with the same sales price is that the monthly maintenance
charges will be much higher for the co-op, because part of the assessment goes
to pay the principal and interest on the mortgage. Co-ops also have greater
control over who can become an owner in the building, which means they are more
exclusive, and sometimes more difficult to buy and sell. National studies have
shown that condos sell at a premium of __ percent over co-ops. At different
times, any building can be organized as co-op or a condo (an apartment
building, for example, can be converted to either a co-op or a condo). What
differentiates them is not the physical structure, but the form of ownership.
Designations for Realtors &
Property Managers
ABR: Accredited Buyers Representative (rebac.net)
CMCA: Certified Manager of Community Associations (nbccam.org)
CPM: Certified Property Manager (irem.org)
CREA: Certified Real Estate Agent (crea.net)
CRB: Certified Residential Broker (crb.com)
CRS: Certified Residential Specialist (crs.com)
GRI: Graduate, Realtor Institute (realtor.org)
PCAM: Professional Community Association Manager (caionline.org)
Documents
Declaration: The detailed legal document prepared
by the developer, filed with the County Recorder of Deeds, submitting the
property to the provisions of the Illinois Condominium Property Act. Contains:
Detailed legal description of the property, percentage ownership of each
individual unit, general rules for governance, and a survey of all units in the
building.
Property Report: This is a document required by
the City of Chicago for a developer to sell units in a new condominium
development. Every buyer of a unit must be given a copy of the property report,
which describes all aspects of the condominium.
Association Documents: These are generally
considered private/confidential documents available only to owners and, upon
request, to anyone who has signed a contract to purchase a unit. They include:
Financial statement, budget, reserve study, rules and regulations.
Dual Agent/Agency
Situation in which the same agent or agency represents both the buyer and the
seller, which could pose a conflict of interest. Disclosure is required.
Engineer
This term is often misused for a person who is simply a maintenance person
(janitor) with no training as an engineer. [Check union rules.]
Floor Plate
See Building Plate
Heat Pump
A more efficient, but also more expensive and more noisy, HVAC. Not recommended
for condo units, because of their noise level.
High Rise
A building with seven or more stories (above ground). Mid rise: 4-6 stories.
Low rise: 1-3 stories.
High Speed Elevator
Strictly speaking, a high-speed elevator is one that operates at __ feet or
more per second.
HVAC
Acronym for Heating, Ventilation And
Cooling. Refers to a self-contained mechanical unit that
slides in and out of a sleeve in the wall and plugs into an electrical outlet.
Usually consists of an electric motor and a fan, with coolant and a removable
filter that needs to be cleaned at least once a year. Important to check the
age, condition and sufficient BTUs, as a replacement HVAC costs several hundred
dollars. Normal life span is 10 or more years. (See Heat Pump above.)
Listing Agent
The agent the seller selects to sell a unit.
Loft
A type of condominium that is most often created by converting a building
previously used as a factory or manufacturing plant to residential use.
Characterized by high ceilings, visible heating/cooling ducts, an open floor
plan (few or no walls separating rooms), brick walls, hardwood floors, lots of
windows, a location in an area that was, at one time, industrial.
Maintenance Fees
See Assessments
Median Sales Price
The median sales price, the most common measure used in the real-estate
industry, is the sales price that is in the middle; that has as many prices
above, as below, it. In general, the median price for residential condos is
lower than the average (mean) price, since the median is not as affected by
million-dollar-plus sales.
Multiple Listing Service (MLS)
A list of properties, including condo units, currently for sale or rent that
have been listed in the database operated by Midwest Real Estate Data
(MRED), a non-profit organization owned and operated by the Chicago
Association of Realtors®, nine other area boards, and brokers.
On any particular day, roughly 13,000 condo units in Chicago are listed on
the MLS, for example. This represents an estimated 80 percent of the units
actually on the market. The remaining units are being offered by developers
and individual sellers, called FSBOs (For Sale by Owner). Buyers and the
general public cannot access the MLS database directly, but they can access
the listings on the MLS by going to a brokerage site that offers access to
the listings.
Additional Information from MLSAccess.org:
Consumer MLS access in the United States is widespread and easily available in
most areas. Most MLSs are overseen by the local association of Realtors®, and
they usually cover a large city, a county, or multiple counties, depending on
how the area is divided by the local real estate board. Consumer MLS access for
the United States is available on a national level at Realtor.com. You can
usually obtain regional MLS access on the web site for your local association
of Realtors. MLS access is often offered on the web sites of local real estate
agents, Realtors, and brokerages as well. Under most circumstances, you do not
have to pay for MLS access for US multiple listings. If you find a web site
that is requesting payment for MLS access, find another web site. Sometimes you
may have to register for MLS access. Normally, this does not hold you to use
that particular Realtor, brokerage or real estate agent for your real estate
transaction, although this is not the case with a Virtual Office Web site. In
most cases, if you would rather not register, you can find a web site offering
the same MLS access without registration by searching for a different web site.
Consumer MLS Restrictions
When discussing consumer MLS access in the United States, it's important to
realize that consumers may not enter or edit the information in the MLS
database. Entering properties into the MLS database is strictly limited to
licensed real estate professionals who have a paid membership to that MLS.
Consumers wishing to list their property in the MLS must form a relationship
with a real estate professional in order to have their property listed in the
database. This usually means listing your property with a real estate agent,
brokerage or Realtor and agreeing to a sales commission on your property. If
you would like to sell your property "For Sale By Owner," or FSBO, you may have
the option of a "Flat Fee MLS" listing, which means you pay a pre-arranged fee
to a real estate company in exchange for entering your property into the MLS.
This does not involve a sales commission on your property, although the real
estate company will not do any marketing beyond entering your data into the
MLS.
The MLS system available to consumers may not contain all properties for sale
in a given area. Many MLSs operate using IDX (Internet Data eXchange) rules.
Realtors, real estate agents and brokers who do not want their listings shown
online to consumers may opt out of the MLS and not have their listings
displayed in MLS searches. MLS information may also be limited, and consumers
must contact an agent, Realtor or broker for more information about listings
for sale. While consumer MLS access may not be ideal, it allows consumers to
browse multiple listings for sale anonymously without having to commit to
purchasing with any one agent, broker or Realtor. A Virtual Office Web site, or
VOW, works differently. A consumer wishing to view multiple listings for sale
must register with the VOW. After registration, the consumer is allowed full
and complete access to multiple listings information. The consumer is then
considered a client of that broker, real estate agent, or Realtor. This is made
clear to the consumer during the registration process.
MLS and VOW Differences
It's important to understand the differences between using a VOW and a MLS.
While a VOW allows a consumer access to all multiple listings for sale, and
complete information on each property, access to a VOW cannot be gained without
a commitment to a specific real estate agent, broker or Realtor. Most web sites
offering MLS access allow you to browse freely and anonymously, but the MLS may
not contain all multiple listings for sale, and the information made available
to consumers will be limited in nature.
VOW Points of Contention
MLS access is far more common than VOW access, and the reasons for this are
many. VOW listings do not allow anyone to opt-out of the system, and many real
estate professional believe this to be unfair. Many brokerages do not want to
share their listing inventories with their competition. They are unable to do
so in a Virtual Office Web site. Also, IDX has been required by the National
Association of Realtors® for member MLSs, and MLS access is much more
commonplace throughout the country.
Owner Occupancy Rate
The percentage of total residential units occupied by the owner(s), as opposed
to renters.
Patio
Typically, a concrete outdoor living space on the ground floor of a property.
See Balcony
Parking
Parking: Assigned, Attached, Deeded, Indoor, Self, Valet
Assigned Parking
This means that a specific parking space (in a specific location) is assigned
to the owner of a specific unit.
Attached Parking
Rather than referring to the physical attachment of the parking space to a
unit, Attached Parking means that the parking space is legally assigned to the
unit. Neither can be sold without the other. The owner of the unit must be the
owner of the parking space. It also means that the price of the parking space
is included in the price of the unit.
Deeded Parking
A parking space owned by an individual, usually an owner in that building. The
individual owner has a deed, and oftentimes a mortgage, on that space. Prices
of deeded parking are sometimes included in the price of the unit, sometimes
not.
Indoor Parking
At least some parking spaces are located in an area that is covered, whether in
an underground or indoor garage, or covered or enclosed.
Self Parking
You drive your own car to and from the space.
Valet Parking
A parking attendant drives your car to and from the parking space. Valet
parking is generally less expensive than self parking because you have to wait
for the valet to deliver your car to you.
Penthouses
Generally, the largest and most luxurious (expensive) units in a building,
almost always located on either the top floor or the top few floors. If a unit
is billed as a penthouse by the developer, it is called a penthouse on this web
site.
Pet Policies
Generally, agents and buyers discuss "pet-friendly" buildings, but this site assumes that all buildings allow pets unless found otherwise. This site only displays pet restrictions such as "dogs not allowed" or "no dogs over 30 lbs."
Property Manager
Most condominiums, at least those with more than 50 units, are managed by a
management company. Either the board or the management company assigns or hires
someone to manage the building. A manager whose office is located in the
building is called an on-site manager. Many smaller buildings are managed by
someone who is not located on the premises, but who visits the property at
scheduled times.
Realtor®
A licensed sales agent, or sales associate, who is a member of a
local association of Realtors and/or the National Association of Realtors
(NAR).
Reserve Fund
Money collected from owners and held in a fund separate from operating funds by
the board to fund future projects such as replacing boilers or other common
elements, generally based on a reserve study conducted by a professional
consultant. In some sense, a savings account as opposed to a checking account.
Selling Agent
The agent who finds the buyer and receives a share of the sales commission.
Rarely the same as the listing agent.
Special Assessment
See Assessment
Stories
The number of floors above ground, including floors used for commercial
or mechanical purposes
Studio
A unit with no (0) bedrooms, meaning that the sleeping area is not contained by
four walls. The term “convertible studio” means that it can be converted to a
one-bedroom unit, usually with a moveable wall. The average size of all studios
in our database (i.e. 11,000 buildings) is 605 square feet, ranging from
420 to 970.
Terrace
Often used interchangeably to mean an area for sitting that extends beyond the
walls of the unit and is generally open to the exterior of the unit.
See Balcony
Tier Location Guide
See Building Plate
Total Number of Units (TNUs)
The number of units in the building designated for residential use.
Townhouse/Townhome
According to the International Residential Code 2000, a townhouse is a
single-family dwelling built in a group of three or more attached units in
which each home extends from foundation to roof, with open space on at least
two sides.
Year Built
The year construction was completed, and the first unit was closed (occupied).
Year Became a Condo
The year the building became a condominium, as determined by the date the
Declaration was recorded in the office of the County Recorder of Deeds.
Mission and Uniqueness
What is the mission of ChicagoCondosOnline.com?
“To make the pursuit of the perfect condominium the most pleasurable experience
possible, for both agent and buyer. In short, to make it fun to buy a condo.”
What does your site offer that other Web sites do not?
Among other things, floor plans, documents, costs per square foot and such
tools as a search engine with 100 preferences, a comparison chart that enables
you to do side-by-side comparisons of any three community areas, buildings or unit
types, and a to-do list that walks the buyer throuh each step of the process of
buying a condo. We have the most comprehensive, most reliable and most
user-friendly database on condominiums and communities in Chicago.
How does your site differ from Web sites operated by a multiple listing
service?
Most importantly, individual units now on the market are not listed on our
site. To get that information, visitors link to a Web site that offers active
listings. What we do offer that the MLS does not is a list of every unit type
in every building, even those not currently on the market.
Ownership
Who owns ChicagoCondosOnline.com?
ChicagoCondosOnline.com is owned and operated by Condominium
Enterprises, Inc., an Illinois S corporation founded in July 2002. The company
is owned by Ric Cox, an editor turned entrepreneur. Our office is located at
505 N. Lake Shore Drive, Suite 5305, Chicago, IL, 60611. For details,
click here.
Is the site affiliated with any brokerage or real-estate organization?
Condominium Enterprises, Inc., is an affiliate member of the Chicago
Association of Realtors® and a service provider to Midwest Real Estate Data (MRED). We have no
official connection to any brokerage, other than as a customer. We have a
license agreement to provide free access to every agent and appraiser who
subscribes to MRED.
Sources & Methods
Data Sources & Calculation Methods
 Median
Sales Price
Building
Profile: Distance to Public Transit, Who’s Who, General Information,
Facilities/Amenities, Market Data, Annual Ownership Costs, Schools, Specialists
Neighborhood
Profile: Boundaries, Demographics, Condo Market, Schools, Crime, Cost
of Living, Specialists
Schools:
Distance to condo, expenditures per student, enrollment, students per
teacher, test scores
Median Sales Price
-
Source: Multiple Listing Service, all condo closings in
Chicago
-
Period Covered: The 12 months from January 1, 2007, through December 31, 2007
-
Methods
Re-sales vs. New construction: For re-sales, we use closing prices on the
MLS; for new construction in which units have not yet closed, we use the most
recent list prices provided by the developer
By Unit Type: First, we generate a list of each unit sold in a particular
building. Second, (using unit numbers, prices, square footage, room dimensions,
location and other indicators), we do our best to aggregate those units by unit
type. Third, we use a proprietary software program to determine the median
sales price of each unit type
By Building: Using the sales price of each unit closed in the building, we
calculate the average median sales price
By Neighborhood: Using the sales price of each unit closed in the neighborhood,
we calculate the average median sales price
Citywide: Using the sales price of each unit closed in the city, we calculate
the average median sales price
Building Profile
Distance to Public-Transit
Stop
-
Source: Maps published by Chicago Transit Authority
-
Methods: For bus stops, we calculate the distance (in tenth-of-a-mile
increments) from each building to the bus route, then add one-tenth (because,
in most areas of Chicago, bus stops are two-tenths (two blocks) apart, so the
average distance from the route to any one stop would average one block. or
one-tenth mile). The CTA says it has no map, or list, of bus stops.
For El stops, we use a CTA map to calculate the distance (in tenth-of-a-mile
increments) from each building to the nearest El stop.
Who’s Who
Association
President
-
Source: Management company or property manager. A list is also available from
the Office of the Secretary of State of Illinois, which requires that the name
of the president be reported to the state and made available to the public.
Management
Company
-
Source: Management company or property manager
Property Manager
-
Source: Management company or property manager
General Information
-
Source: Property manager, management company, Web site or sales brochure
Owner Occupancy
Rate
-
Source: Manager or management company. There is also a non-required field for
this in the MLS database.
-
Method: We divide the number of residential units occupied by the owner(s) by
the total number of residential units in the building. In the case of two or
more units that have been combined into one unit, some condos use the number of
original units to calculate owner occupancy rate.
Facilities/Amenities
-
Source: Property manager, management company, sales brochure or Web site
Market Data
Median Sales
Price
-
Source: Multiple Listing Service
-
Period Covered: 12 months from January 1, 2007, through December 31, 2007
-
Method:
Re-sales vs. New construction: For re-sales, we use closing prices on the
MLS; for new construction in which units have not yet closed, we use list
prices provided by the developer.
Unit Type: First, we generate a list of each unit sold in a particular
building. Second, (using unit numbers, prices, square footage, room dimensions,
location and other indicators), we do our best to aggregate those units by unit
type. Third, we use a software program to determine the median sales price of
each unit type.
Building: Using the sales price of each unit closed in the building, we
calculate the median sales price.
Rent Per Month
-
Source: Multiple Listing Service
-
Period Covered: 12 months from January 1, 2007, through December 31, 2007
-
Method: We calculate the average (not median) monthly rental price by unit type
within a building. Because there are so few rentals of each unit type, we
combine all units with an equal number of bedrooms (e.g., one-bedroom rents are
an average of the rents of all one-bedrooms in that building). Where necessary,
we calculate rent based on cost per square foot of all units in the building
Cost Per Square
Foot (PSF)
Buy
-
Source: For square footage, developer floor plans; for prices, MLS
-
Period Covered: 12 months from January 1, 2007, through December 31, 2007
-
Method: We divide the median sales price by the total number of square feet
Rent
-
Source: For square footage, developer floor plans; for prices, MLS
-
Method: We divide average (not median) rental price by the total number of
square feet
Additional
Notes on Square Footage
-
Method: Various methods are used to calculate square footage. One declaration,
for Harbor Point at 155 Harbor, lists Gross Square Footage, Net Square Footage
and Net Living Area. Other developers use what they called Total Living Space;
others, etc., etc. Until we can get more accurate and reliable figures, we use
figures provided by the developer, either on floor plans on in sales materials.
Whenever possible, we also refer to a definition drafted by a committee of the
Chicago Association of Realtors. The CAR committee recommends that the square
footage of balconies, storage rooms outside a unit, or areas below
ground not be used when calculating total square footage.
Total
Square Footage
-
Source: In most cases, the total square footage of a unit type is taken from
the floor plans and/or sales material distributed by the developer
-
Method: To calculate the approximate total square footage of an area, we round
off the length and the width to the nearest feet, then multiply the length by
the width and round off the result to the nearest square foot. For rooms with
no dimensions, we estimate the square footage as best we can.
Room
Dimensions
-
Source: In most cases, room dimensions are taken from the floor plans and/or
sales material distributed by the developer. In other cases, we estimate them
from the floor plans.
Kitchens,
bathrooms, hallways, storage, other
-
Source: Developer floor plans
-
Method: In most cases, the dimensions of these areas are estimated by measuring
the areas with a ruler, figuring the scale and, assuming the plan was drawn to
scale (which it not always is), calculating the dimensions.
Annual Turnover
Rate
-
Source: For units closed, Multiple Listing Service; for total number of
residential units, property manager or developer
-
Period Covered: Calendar 2006
-
Method: We divide the number of residential units sold in a particular building
during the previous calendar year by the total number of residential units in
that building; for example, a building with 100 units in which 5 closed/sold
during the year has an annual turnover rate of five percent
Average Market
Time (AMT)
-
Source: Multiple Listing Service
-
Period Covered: 12 months from January 1, 2007, through December 31, 2007
-
Method: To calculate market time (MT) for a particular unit, the MLS adds the
number of days a unit was on the market, starting the day the data was entered
on the MLS by the agent and ending the day the unit was taken off the market,
which is generally the day the contract is signed. A listing that is contingent
continues to accumulate market time; when it goes to pending or closed,
re-calculates from list date to contract date. If the unit was taken off the
market and put back on, the previous days on the market are now counted in the
total.
To calculate the average market time, we simply calculate the average market
times of all the units included (by unit type, building, neighborhood or
citywide).
Annual Ownership Costs
Assessment (aka
maintenance fee or common charge)
-
Source: Property manager
-
Method: Associations multiply the percentage of ownership assigned, in the
declaration, to a particular unit by the amount of the current annual budget.
High is the fee for the unit with the highest fee for the previous year; Low is
the fee for the unit with the lowest fee. We cannot tell if the high is a
combined unit or not. If the building has expensive penthouses, but none of
them sold during the period covered, the penthouse assessment will not show up
as the high.
Property Tax
(City & County)
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Source: Multiple Listing Service and Cook County Treasurer's Office (cookcountytreasurer.com)
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Tax Year: 2007
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Method: Average taxes are displayed by unit type within a
building. The average is calculated from all unit sales on the
Multiple Listing Service in 2007. If a unit type had no sales in 2007,
taxes are estimated based on an median sales price using a formula provided by
Cook County.
Utilities
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Source: Commonwealth Edison (Com Ed) & Peoples Gas
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Date Reported: 2007
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Method: Based on the square footage of 1,287, Com Ed estimates that the average
utility bill for heating, cooling and lighting a unit with electricity is
$____/year, or $__ PSF.
Based on a unit with four-year-old appliances (HVAC units), Peoples Gas
estimates that the average bill for heating a 2BR/2BA unit with natural gas is
$1200/year or roughly $1 per square foot. Add to this an annual cost of
lighting and cooling a gas-heated unit, and the annual utility cost increases
to $_____/year or $__ PSF
Note: Until we can get more precise figures from the utility
companies, we are using a rough estimate of $1.15/square foot/year, based on
the actual electricity costs of heating, cooling and lighting a one-bedroom
unit at Lake Point Tower in 2004.
To find out the precise electrical cost for a specific unit, call Com Ed at
[Number to come].
Peoples Energy says that only the owner(s) of a unit can get utility costs from
its Billing & Payments telephone representatives.
Homeowner’s
Insurance
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Source: State Farm, Chicago
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Date of Estimate: February 2007
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Method: Using the average square footage for condos in Chicago (1,287), as
calculated from our database, and the various types of coverage bought by the
typical owner of a condo unit, based on the experience of State Farm (see
below), we estimate that the typical owner (of a 2BR unit) pays $381 (30 cents
per square foot) a year in premiums.
The annual cost for homeowner’s insurance of 30 cents per square foot is a
rough estimate calculated for the following types of typical coverage on
an average size unit (1,287 square feet) in downtown Chicago (Zone 43):
| Coverages
|
Limit
|
| Contents
|
$45,070
|
| Building property ($50 psf) |
64,350
|
| Loss assessment
|
1,000
|
| Medical payments (each) |
1,000
|
| Damage to others' property |
500
|
| Deductible
|
500
|
| 5% off for Home Alert included
|
| 5% off for claim free included
|
| Policy Options
|
Limit
|
| Ltd replacement cost (included)
|
| Jewelry
|
$1,500
|
| Furs
|
2,500
|
| Silver/goldware property
|
2,500
|
| Credit/Bank card/forgery
|
1,000
|
| Firearms assessment
|
2,500
|
| Personal liability (each)
|
300,000
|
| Home computer
|
5000
|
| Business property
|
1000
|
| Total annual premium
|
$381
|
Insurance purchased by the owners’ association covers the common elements and,
generally, the drywall of individual units and everything outside that wall.
Check with your insurance carrier and your association for details.
Parking
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Source: Property manager, garage manager or real-estate agent
Principal &
Interest (in Quick Comparison Chart only)
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Source: BankRate.com
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Date of Estimate: Updated monthly
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Method: We assume down payment of 20 percent , an interest rate of 6 percent, a
30-year conventional mortgage, which is the most popular loan taken out by
condo buyers in Chicago
Unit Types, Number of Bedrooms &
Baths
-
Source: Developer floor plans & sales materials
Condominium Building Specialist
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Agents who qualify are eligible to buy a designation for one year. No more than
six agents may be designated as a specialist in any one building at any one
time. For qualifications,
e-mail us.
Area Profile
The names and boundaries of the 77 areas come from the official Census tracts
and are the same ones used by the Chicago Association of Realtors and others to
compile statistics.
Boundaries
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Source: U.S. Census tracts & maps
Demographics
Condo Market
Median Sales Price
-
Source: Chicago Association of Realtors (CAR)
-
Period Covered: 12 months from January 1, 2007, through December 31, 2007
-
Method: CAR calculates the median sales price based on all Type II (single
family attached) sales in 2006.
Appreciation
-
Source: Chicago Association of Realtors (CAR)
-
Method: Calculated by CAR from the database operated by the Multiple Listing
Service, which records the sales of an estimated 85 percent of all condo units
sold in Chicago
Crime
-
Source: Chicago Police Department
Schools
Expenditure per student
Enrollment
Students per teacher
Test scores
-
Source: We are still searching for a source for this data. Your suggestions are
welcome.
Tools
Among the interactive tools available are a search engine,
quick comparison charts and a to-do list.
How does the search engine work?
Simply by clicking inside a box next to any combination of 100 preferences on
Super Search, you can find buildings and unit types that match your
preferences.
How does Quick Comparison Chart work?
You can create side-by-side comparisons of any three community areas or of any
three buildings with any combination of unit types in those buildings.
How does the To-Do List work?
This changeable chart walks buyers through the entire process of buying a
condo. It can be modified by both the buyer and the host.
Advertisers
How can I advertise on your site?
Click here to e-mail ChicagoCondosOnline.com for advertising
information.
Agents
How do I get access?
If your broker is a member of Midwest Real Estate Data (MRED), you already have free access.
Warning: Any non-MRED agent who registers as a buyer to avoid paying for a subscription is subject to a
fine of $10,000.
Does this site compete with agents?
No. We do not seek, nor do we accept, referral fees or shared
commissions and we don’t charge extra for generating leads, which is one of
many benefits of subscribing. What we do is help you sell more condos in less
time with less effort.
Why should I register my buyers for free access?
Because if you don’t, one of the 48,000 participating agents who compete with
you will. Buyers want control of the research phase of the buying process. If
you give them this control, you will create good will that may translate into
their doing business with you. Click here to download a flier that explains why
we recommend that, rather than try to control your buyers, you will benefit by
setting them free in our information paradise.
What happens when I register a buyer for free
access?
An e-mail, over your signature, is immediately sent to the buyer, announcing
that you have given this “valued” customer free access for one year, saving him
$300. The e-mail contains the customer’s unique user name and password.
Below is the welcome e-mail that goes to buyers:
Dear [Name of Condo Buyer],
You are one of my most valued customers. To show my appreciation, I have
arranged for ChicagoCondosOnline.com to waive its fee of $300 a year and
provide you with FREE access to The Ultimate Condominium Resource. This is the
most amazing site I've come across on our city’s condos. Among other things, it
features in-depth profiles of more than 11,000 condo buildings.
Stop the confusion on what a unit costs in a building and/or what the
building’s amenities are. Here you can view the floor plan of each unit type,
get price per square foot based on median sales prices for the previous year,
and search to see which buildings allow pets, have a pool and are within a mile
of the Red line, for example, simply by checking off nearly 100 preferences.
ChicagoCondosOnline.com is phenomenal! My favorite feature is the interactive
Quick Comparison Chart, which enables you to compare any three areas or
buildings. It makes life so much easier in narrowing down which neighborhood or
building will work best for you.
There are so many features: neighborhood profiles with average incomes,
appreciation rates and school info; photos and maps. Please check it out. If
you have questions, contact me and I'll be glad to help.
To enjoy the benefits: Go to
www.ChicagoCondosOnline.com. There, fill in your user name: X
and password Y
To remember your access information: Print this page or write
the information down
To change your password:Once you log in, go to Your Account.
Sincerely,
[Your name and contact info]
How do I monitor the activity of the buyers I register?
Sign in and go to your personal home page. In the upper center, click on
Personal Information Manager. On the Manage Your Guests page that appears, you
will see the name of every buyer you have registered or who has registered with
you. Under the column called Last Login, you will see the date each buyer most
recently visited the site. You will also receive an e-mail when the buyer is
ready to receive active listings and each time the buyer changes his
preferences.
Will buyers I register see ads from other agents?
No. Your guests will see only your ads and contact information and, if your
company buys them, ads from your brokerage.
Click here to see what an agent ad on the buyer’s home page looks like.
Will the names and e-mail addresses of buyers I register be shared with
others?
No. Those names and e-mail addresses are shared with no one. We will e-mail a
report on the condo market to all registered buyers the first week of each
month.
How do I expire access for a buyer or change his e-mail address?
Simply e-mail us by clicking the Contact Us link on any page. Be aware that if
you expire a buyer, he will be free to register as a guest of any other
participating agent.
How can I learn to use ChicagoCondosOnline.com?
Click here to download a
“cheat sheet” that offers tips on how to use the site. For training by phone,
e-mail Jane@ChicagoCondosOnline.com.
How can I send my customers to a personalized sign-in page?
Click here to download an order form you can use
to buy, for only $99 a year, a personalized sign-in page that features your
photo and gives visitors who come to that page only one choice of host when
they want to register: you.
Can I link visitors from my Web site to ChicagoCondosOnline.com?
Yes. Unless you have a personal sign-in page on ChicagoCondosOnline.com, we
suggest that the link on your site open an e-mail addressed to you, requesting
free access to ChicagoCondosOnline.com. When you receive such a request,
register the buyer. He will automatically receive an e-mail over your signature
with the user name and password he will need to access our site. If you have a
personal sign-in page on ChicagoCondosOnline.com, the link on your site can
send visitors directly to that sign-in page, where the visitor can register as
your guest and enter the site immediately.
In which ways am I restricted in distributing data and documents on this
site?
Be sure to read the Terms of Use, because, if
you violate those terms, you can lose access to this site and be fined as much
as $10,000. Most importantly, you are restricted in the number of copies of
data and documents you can distribute. For example, you can distribute copies
only to registered buyers. And you can distribute only a limited number of
copies of any document to a registered buyer. For example: you may distribute
only one printout of a particular Web page, floor plan or photograph to each
registered buyer. You may distribute only two copies of a declaration (one to
the buyer, one to the buyer’s attorney) and only one copy of an association
document (to a buyer who has signed a purchase contract).
Buyers
How can buyers get access?
You can pay with a credit card, $30 a month, or $300 a year, for private,
anonymous access to all content. Or, for free access for one year, simply
register as a guest of a host (any one of 14,000 agents or loan originators).
Registering as a guest does not obligate you to do business with your host.
How do buyers get active listings of units currently for sale?<
Simply ask your host to register you on the MLS to receive automatic e-mails
with active listings that match your preferences. To select your preferences,
click Your Preferences in the left-hand navigation.
Why aren’t active listings displayed on your site?
Eventually, they may be. For now, we focus on the research phase of the buying
process. This phase typically begins 17 months before a contract is signed, so
buyers are more interested in the entire inventory of unit types than on
specific units that are on the market on a particular day.
How is your site organized?
ChicagoCondosOnline.com is organized around the idea that searching for a
condominium is a logical process that normally follows these steps:
Decision to buy, or rent, a condo (rather than a
single-family home, etc.)
Selection of one or more suitable neighborhoods (based on
proximity to office or school, affordability, etc.)
Selection of one or more buildings within a neighborhood,
possessing one or more features (pool, 24-hour doorman, balcony, allows pets,
etc.)
Selection of one or more unit types (1BR, 2BR, etc.) within
a building
Selection of a particular unit that is for sale, or rent.
Developers/Builders
How can we get a Building Profile of a property on your
Web site?
Simply contact us, send us the information and we will create and publish a
Building Profile for your data and documents. Click
here to download our Building Data Form. Until January 1, 2008, there
will be no charge to have a Building Profile on our site. After that, there
will be a monthly charge, the amount of which has not yet been determined.
How do we update a Building Profile?
Simply e-mail any additions or changes to us by clicking on the Add/Change Data
link at the top of the Building Profile.
Licensees
How can I license your content for use on another Web
site?
We do not yet have the ability to export our content to another site.
But we plan to build this, so if you are interested, contact us and we will
work with you.
Property Managers
How can we get Building Profiles of the properties we
manage on your Web site?
Simply contact us to register and receive your password, then go
online and enter the data and send us the necessary association documents and
sign an agreement agreeing to keep the data and documents current. Download our
Building Data Form. A profile of each of your buildings will be on the
site within one week, at no cost to you or to the association. In return, you
will receive several benefits, including free access to our site.
How do we update a Building Profile?
Simply e-mail any additions or changes to us by clicking on the Add/Change Data
link at the top of the Building Profile.
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