I am a lLicensed Realtor with Thousands of Listings all over the City of Chicago via the Realor®-only MLS!
Call or Email me Today your List of Rental Search Criteria including Move-in Date, Neighborhoods Desired, Price Point, Pet Info, if any pets, etc. and I will Set Up a Free Customized MLS Search Today!
Dave Straub, Realtor®, Illinois Licensed Real Estate Broker @properties 1875 Damen Ave Chicago, Il 60647 (773) 255-3180 davestraub@atproperties.com
Thursday, October 24, 2013
Sunday, May 6, 2012
Landlords! List your Chicago Rental with an Experienced Licensed Realtor Today!
Landlords! List your Chicago Rental with an Experienced Licensed Realtor Today!
List your Apartment or Condo with a Professional Illinois Licensed Real Estate Broker
Bringing a wide range of rental services to owners, property managers and investors and a higher level of professionalism to property leasing in Chicago.
My services:
@ Full-scale internet marketing with Chicago's #1 real estate brokerage.
@ Handling all calls and showings including tenant courtesy calls.
@ Lease preparation and signing including full RLTO* compliance and all necessary up-to-date disclosures and receipts. *Residential Landlord Tenant Ordinance
@ Tenant criminal background, employment, tenancy and credit checks.
@ Pre-move-in apartment inspection and key exchange.
Your rental will be made available to all licensed agents and potential tenants...we post all listings updated daily on the MLS, Craig's List, @properties.com and dozens of other web sites plus twitter, facebook marketplace, linked in and youtube.
Listings can be non exclusive. If you find a tenant on your own, you can rent the apartment yourself. How we handle the showings and the decision on accepting the tenants is up to you.
Contact me today for more information on listing your property for rent and more. I offer FULL SERVICE rental assistance to both renters and landlords and have over 9 years experience leasing as a Realtor in Chicago. I am available to answer your real estate questions any time. Buyer and Seller representation also available.
Testimonials:
"Over the years I have worked with a number of realtors and, after my recent experience working with Dave, I can honestly say he's the best. While helping my fiancee and I rent out our condo, Dave proved to be hard-working, attentive, and quick to respond to our various questions. Though the renting of our condo would net him no great commission, Dave made it seem that it was his top priority throughout the process. As a result, the condo was successfully rented and I will not hesitate to refer my friends and family to Dave for any of their real estate renting, buying, or selling needs." -Andrew F., Logan Square
"Dave is a great person and a very effective Real State Agent. He helped us rent out our condo in Chicago twice already since 2006. His work ethic, dedication to the client's best interest and attention to detail makes him a fantastic professional to work with. I highly recommend him to anyone that needs a Real Estate Agent in the Chicago area." -Silvio D., Avondale
Dave Straub, Realtor @properties 1875 N Damen, Chicago. Illinois Licensed Real Estate Broker.
http://www.atproperties.com/agents/DaveStraub/testimonials
List your Apartment or Condo with a Professional Illinois Licensed Real Estate Broker
Bringing a wide range of rental services to owners, property managers and investors and a higher level of professionalism to property leasing in Chicago.
My services:
@ Full-scale internet marketing with Chicago's #1 real estate brokerage.
@ Handling all calls and showings including tenant courtesy calls.
@ Lease preparation and signing including full RLTO* compliance and all necessary up-to-date disclosures and receipts. *Residential Landlord Tenant Ordinance
@ Tenant criminal background, employment, tenancy and credit checks.
@ Pre-move-in apartment inspection and key exchange.
Your rental will be made available to all licensed agents and potential tenants...we post all listings updated daily on the MLS, Craig's List, @properties.com and dozens of other web sites plus twitter, facebook marketplace, linked in and youtube.
Listings can be non exclusive. If you find a tenant on your own, you can rent the apartment yourself. How we handle the showings and the decision on accepting the tenants is up to you.
Contact me today for more information on listing your property for rent and more. I offer FULL SERVICE rental assistance to both renters and landlords and have over 9 years experience leasing as a Realtor in Chicago. I am available to answer your real estate questions any time. Buyer and Seller representation also available.
Testimonials:
"Over the years I have worked with a number of realtors and, after my recent experience working with Dave, I can honestly say he's the best. While helping my fiancee and I rent out our condo, Dave proved to be hard-working, attentive, and quick to respond to our various questions. Though the renting of our condo would net him no great commission, Dave made it seem that it was his top priority throughout the process. As a result, the condo was successfully rented and I will not hesitate to refer my friends and family to Dave for any of their real estate renting, buying, or selling needs." -Andrew F., Logan Square
"Dave is a great person and a very effective Real State Agent. He helped us rent out our condo in Chicago twice already since 2006. His work ethic, dedication to the client's best interest and attention to detail makes him a fantastic professional to work with. I highly recommend him to anyone that needs a Real Estate Agent in the Chicago area." -Silvio D., Avondale
Dave Straub, Realtor @properties 1875 N Damen, Chicago. Illinois Licensed Real Estate Broker.
http://www.atproperties.com/agents/DaveStraub/testimonials
Monday, October 10, 2011
Chicago Real Estate: It's a Renter's Market?
Chicago Real Estate: It's a Renter's Market? By Gary Lucido, September 2, 2010 at 10:49 pm
With unemployment levels soaring and the great recession in full swing, more and more would-be Windy City home buyers are turning to the Chicago apartment rental market for their housing needs. But just what does this mean to the average Midwesterner looking for a new place to live?
Thanks to the current economic downturn, virtually every demographic has
felt some kind of repercussion when it comes to housing over the course
of the past three years. The Chicago apartment market is closely tied
to the city's home market--the latter of which (like the rest of the
country) has seen a distinct spike in the number of foreclosures of
late. With so many people losing or walking away from their homes (and
their mortgages) renting has become a much more attractive alternative
for singles and families alike.
And while there are still many attractive and comfortable Chicago apartments
on the market, finding one that suits your needs might not be as easy
as you once thought. There was a time when the average Chicago apartment
hunter could look over several listings and then retire to the sofa to
knit pick each to death before reaching their ultimate decision to keep
one and dump the rest. This way of home hunting is no longer the most
prudent course of action, as more and more people are turning to
apartment rentals as their housing of choice. Wait too long to fill out
an application and you may just find that the decision has been made for
you by someone who was a little quicker on the draw.
Developers,
foreseeing this state of affairs as soon as the housing market began
its long slow downhill slide, have been busily bolstering the city
skyline with some high end Chicago apartments to fill the needs of those
seeking more than the average rental experience. New towers, especially
south of the downtown area, are offering not only magnificent city
views, but enough amenities to make a luxury resort jealous. Over 2,000
high end Chicago apartments were added to the rental market with the
opening of these high rises, many of which boast swimming pools,
basketball courts and gyms. If you've got the cash and credit score,
these not so humble abodes may be the perfect alternative to buying a
home or fighting the crowds scrambling to get into some of the more
affordable Chicago apartment buildings.
This of course, only
serves to accentuate a point that's been made time and again when it
comes to relocating--it all depends on where you want to be. Commute,
rent, school zoning, and distance from the city center continue to
affect the Chicago apartment rental market, as they have for years.
Competition may be getting stiffer, but for those looking escape the
housing crunch or rebuild their credit after a bad breakup with a
mortgage company, it's well worth the cost to get into the perfect
apartment complex.
Perhaps the only real certainty in today's
rental market is that it will remain uncertain for the foreseeable
future. Property Hunters: beware and good luck as you tread the concrete
streets of this Windy City.
By Gary Lucido, September 2, 2010 at 10:49 pm
With unemployment levels soaring and the great recession in full swing, more and more would-be Windy City home buyers are turning to the Chicago apartment rental market for their housing needs. But just what does this mean to the average Midwesterner looking for a new place to live?
Thanks to the current economic downturn, virtually every demographic has
felt some kind of repercussion when it comes to housing over the course
of the past three years. The Chicago apartment market is closely tied
to the city's home market--the latter of which (like the rest of the
country) has seen a distinct spike in the number of foreclosures of
late. With so many people losing or walking away from their homes (and
their mortgages) renting has become a much more attractive alternative
for singles and families alike.
And while there are still many attractive and comfortable Chicago apartments
on the market, finding one that suits your needs might not be as easy
as you once thought. There was a time when the average Chicago apartment
hunter could look over several listings and then retire to the sofa to
knit pick each to death before reaching their ultimate decision to keep
one and dump the rest. This way of home hunting is no longer the most
prudent course of action, as more and more people are turning to
apartment rentals as their housing of choice. Wait too long to fill out
an application and you may just find that the decision has been made for
you by someone who was a little quicker on the draw.
Developers,
foreseeing this state of affairs as soon as the housing market began
its long slow downhill slide, have been busily bolstering the city
skyline with some high end Chicago apartments to fill the needs of those
seeking more than the average rental experience. New towers, especially
south of the downtown area, are offering not only magnificent city
views, but enough amenities to make a luxury resort jealous. Over 2,000
high end Chicago apartments were added to the rental market with the
opening of these high rises, many of which boast swimming pools,
basketball courts and gyms. If you've got the cash and credit score,
these not so humble abodes may be the perfect alternative to buying a
home or fighting the crowds scrambling to get into some of the more
affordable Chicago apartment buildings.
This of course, only
serves to accentuate a point that's been made time and again when it
comes to relocating--it all depends on where you want to be. Commute,
rent, school zoning, and distance from the city center continue to
affect the Chicago apartment rental market, as they have for years.
Competition may be getting stiffer, but for those looking escape the
housing crunch or rebuild their credit after a bad breakup with a
mortgage company, it's well worth the cost to get into the perfect
apartment complex.
Perhaps the only real certainty in today's
rental market is that it will remain uncertain for the foreseeable
future. Property Hunters: beware and good luck as you tread the concrete
streets of this Windy City.
By Gary Lucido, September 2, 2010 at 10:49 pm
Wednesday, November 17, 2010
Big rent hikes foreseen for downtown apartments
(Crain's) — Last year, apartment landlords worried that downtown Chicago would soon have too much rental housing. By next year, it may not have enough — much to landlords' delight.
After surviving a big development boom, downtown apartment owners will soon have the upper hand over tenants, allowing them to hike rents by as much as 8% to 10% in the second half of 2011, says Ron DeVries, vice-president at Appraisal Research Counselors, a Chicago-based research and consulting firm.
“I think we are poised for some rent spikes next year because demand is so high,” he says. “Everyone wants to rent.”
Demand for downtown apartments has outpaced supply, even as developers have built nearly 5,600 units over the past three years amid the worst economy since the Great Depression. That combination would normally make life miserable for landlords, but the depressed condominium market and shaky economy have saved them by encouraging more people to rent instead of buying.
“Renting just allows for flexibility in your life, and when people are uncertain, they want flexibility,” says David Lynd, president and chief operating officer of the Lynd Co., a San Antonio-based developer that recently completed EnV, a 249-unit apartment tower in River North.
The occupancy rate for Class A downtown apartments rose to 94.7% in the third quarter, up from 94.5% in the second quarter and 91.1% a year earlier, according to a recent report from Appraisal Research.
The average monthly net effective rent, which factors in concessions such as free rent, was $2.22 a square foot, unchanged from the second quarter but up 5.7% from third-quarter 2009.
But the most surprising indicator of demand is absorption, or the change in the number of occupied apartments. Downtown landlords have rented out an additional 2,076 units since the end of 2009, an 11.7% increase, according to Appraisal Research. At the current rate, 2010 will go down as the best year for absorption since at least 2001, the earliest year for which figures are available.
And that's despite a weak job market, usually the most important driver of demand for apartments. The Chicago area still had 69,300 fewer jobs in September compared with year earlier, but jobs are coming back, a good trend for landlords.
Developers have added 2,324 apartments to the downtown market in 2010, the most since at least 1999, the result of a construction boom that began before the financial crisis choked off development. With no new projects under way, it could be two years or more before apartment supply increases again, which could shift the market even more back in landlords' favor.
“It's a pretty tight market,” Mr. DeVries says. “It's going to tighten down next year.”
The weak condo market remains a competitive threat, as condo owners rent out their units. And two condo projects in the South Loop — the 333-unit Lexington Park and 248-unit Astoria Tower — could go rental, adding more supply in the coming months.
Given the strength of the market, developers are itching to build again, but securing construction financing remains a challenge. Appraisal Research predicts that plans for two or three downtown projects comprising 800 to 1,300 units will come to fruition over the next six to nine months.
Mr. Lynd says his firm is eyeing two downtown properties for future development. He likes Chicago because of its status as the capital of the Midwest, drawing young professionals from nearby states who want to work and live in a big world-class city.
“If you're in the Midwest and you're looking for opportunity, where are you going to go?” Mr. Lynd asks. “You're going to go to Chicago.”
Rents at EnV, Lynd's first Chicago project, are slightly higher than the company's initial projections, he says. The 29-story building at 161 W. Kinzie St., which opened in July, is about 40% occupied and is averaging about four to eight leases a week.
“By the time spring rolls around,” Mr. Lynd says, “we'll be full.”
By Alby Gallun for Crain's November 15, 2010
After surviving a big development boom, downtown apartment owners will soon have the upper hand over tenants, allowing them to hike rents by as much as 8% to 10% in the second half of 2011, says Ron DeVries, vice-president at Appraisal Research Counselors, a Chicago-based research and consulting firm.
“I think we are poised for some rent spikes next year because demand is so high,” he says. “Everyone wants to rent.”
Demand for downtown apartments has outpaced supply, even as developers have built nearly 5,600 units over the past three years amid the worst economy since the Great Depression. That combination would normally make life miserable for landlords, but the depressed condominium market and shaky economy have saved them by encouraging more people to rent instead of buying.
“Renting just allows for flexibility in your life, and when people are uncertain, they want flexibility,” says David Lynd, president and chief operating officer of the Lynd Co., a San Antonio-based developer that recently completed EnV, a 249-unit apartment tower in River North.
The occupancy rate for Class A downtown apartments rose to 94.7% in the third quarter, up from 94.5% in the second quarter and 91.1% a year earlier, according to a recent report from Appraisal Research.
The average monthly net effective rent, which factors in concessions such as free rent, was $2.22 a square foot, unchanged from the second quarter but up 5.7% from third-quarter 2009.
But the most surprising indicator of demand is absorption, or the change in the number of occupied apartments. Downtown landlords have rented out an additional 2,076 units since the end of 2009, an 11.7% increase, according to Appraisal Research. At the current rate, 2010 will go down as the best year for absorption since at least 2001, the earliest year for which figures are available.
And that's despite a weak job market, usually the most important driver of demand for apartments. The Chicago area still had 69,300 fewer jobs in September compared with year earlier, but jobs are coming back, a good trend for landlords.
Developers have added 2,324 apartments to the downtown market in 2010, the most since at least 1999, the result of a construction boom that began before the financial crisis choked off development. With no new projects under way, it could be two years or more before apartment supply increases again, which could shift the market even more back in landlords' favor.
“It's a pretty tight market,” Mr. DeVries says. “It's going to tighten down next year.”
The weak condo market remains a competitive threat, as condo owners rent out their units. And two condo projects in the South Loop — the 333-unit Lexington Park and 248-unit Astoria Tower — could go rental, adding more supply in the coming months.
Given the strength of the market, developers are itching to build again, but securing construction financing remains a challenge. Appraisal Research predicts that plans for two or three downtown projects comprising 800 to 1,300 units will come to fruition over the next six to nine months.
Mr. Lynd says his firm is eyeing two downtown properties for future development. He likes Chicago because of its status as the capital of the Midwest, drawing young professionals from nearby states who want to work and live in a big world-class city.
“If you're in the Midwest and you're looking for opportunity, where are you going to go?” Mr. Lynd asks. “You're going to go to Chicago.”
Rents at EnV, Lynd's first Chicago project, are slightly higher than the company's initial projections, he says. The 29-story building at 161 W. Kinzie St., which opened in July, is about 40% occupied and is averaging about four to eight leases a week.
“By the time spring rolls around,” Mr. Lynd says, “we'll be full.”
By Alby Gallun for Crain's November 15, 2010
Monday, November 15, 2010
Knowing your rights and responsibilities is key to a good rental relationship.
Rents Right
The City of Chicago, in partnership with organizations that represent both tenants and landlords, has formed the Chicago Rents Right campaign to educate Chicagoans about the right way to rent. Chicago Rents Right provides information on the legal responsibilities and the rights of tenants and property owners.
With more than 60% of Chicagoans living in rental housing, Rents Right provides landlords and tenants with assistance in meeting their legal obligations and exercising their rights. This resource service provides mediation for landlords and tenants to resolve disputes in an informal and non-adversarial manner.
The Residential Landlord and Tenant Ordinance governs the majority of residential rental agreements in the City. Knowing your rights and responsibilities is key to a good rental relationship. Be sure you know what's expected of you and what you can expect in return. Whether you're a tenant or landlord, there are laws that spell out your rights and responsibilities.
See the Residential Landlord and Tenant Ordinance Summary and fall 2008 updates to the Residential Landlords and Tenants Ordinance for related information.
Rents Right provides:
Education on rental rights and responsibilities
Resources for conflict and problem resolution
Referrals to needed programs, services and training
A commitment to work together for a greater Chicago
Also see information on security deposit interest rates and sample calculations.
For more information go to www.cityofchicago.org
-from cityofchicago.org
The City of Chicago, in partnership with organizations that represent both tenants and landlords, has formed the Chicago Rents Right campaign to educate Chicagoans about the right way to rent. Chicago Rents Right provides information on the legal responsibilities and the rights of tenants and property owners.
With more than 60% of Chicagoans living in rental housing, Rents Right provides landlords and tenants with assistance in meeting their legal obligations and exercising their rights. This resource service provides mediation for landlords and tenants to resolve disputes in an informal and non-adversarial manner.
The Residential Landlord and Tenant Ordinance governs the majority of residential rental agreements in the City. Knowing your rights and responsibilities is key to a good rental relationship. Be sure you know what's expected of you and what you can expect in return. Whether you're a tenant or landlord, there are laws that spell out your rights and responsibilities.
See the Residential Landlord and Tenant Ordinance Summary and fall 2008 updates to the Residential Landlords and Tenants Ordinance for related information.
Rents Right provides:
Education on rental rights and responsibilities
Resources for conflict and problem resolution
Referrals to needed programs, services and training
A commitment to work together for a greater Chicago
Also see information on security deposit interest rates and sample calculations.
For more information go to www.cityofchicago.org
-from cityofchicago.org
Saturday, November 13, 2010
Housing market rising from ashes of the great recession
The residential real estate market in the Chicago-area and across the nation is gradually rising from the ashes of the Great Recession, experts say.
The highly respected S&P/Cash-Shiller Home-Price Indices released in early November shows home prices have increased for eight consecutive months for the first time since the spring of 2006.
While prices are still slightly negative over the nearly four-year period, the annual returns are close to being in positive territory for the first time in three years.
“Now that there’s a gradual upward trend in both home sales and home prices, it’s a positive sign that we’ve moved past the bottom of the hear estate market, and are now moving towards a fully recover,” noted Dr. Mark J. Perry, professor of economics and finance in the School of Management at the University of Michigan.
A new RE/MAX Northern Illinois network analysis of transactions gathered by Midwest Real Estate Data shows home sales activity in the metropolitan Chicago real estate market registered a solid gain of 11 percent for the first nine months of 2010, compared to the same period in 2009.
The average sales price for homes in the metro area during the January-September period was $255,684, a decline of only 1 percent from $258,354 a year earlier, said Jim Merrion, regional director of RE/MAX Northern Illinois.
Developers of new condominiums in downtown Chicago say the market has hit bottom and demand is slowly returning sparked by affordable pricing and rock-bottom mortgage rates.
“We have had a good sales year in 2010 and are highly optimistic about the new-construction condo market in 2011,” said Scott Hoskins, president and managing broker for CMK Realty, the exclusive marketing agent for 235 Van Buren, a new 47-story condo tower in the Loop’s Financial District.
“With both mortgage rates and condo prices at the bottom, we are anticipating good condo sales in downtown Chicago during the first quarter of 2011,” said Keith Giles, president of Weichert, Realtors—Frankel & Giles, the exclusive broker for several South Loop projects.
Meanwhile, apartment owners also are enjoying a rebound in the rental market with occupancy levels improving and concessions being phased out.
Judith Roettig, executive director of the Chicagoland Apartment Association, said forecasts indicate many Chicago-area landlords are planning catch-up rent increases of up to 8 percent in 2011, after seeing rent declines since 2007.
“If apartment rents rise a hefty 8 percent that will make condominium ownership more desirable,” predicted Giles. “Chicago historically is a condo town. People like to own their real estate here.”
Once resale values start to rise again, pride of ownership will return as owners start to enjoy the investment benefits of income-tax deductions for mortgage interest and real estate taxes, experts say.
“While the new-construction condo development market may not come roaring back at full capacity for a few more years, we expect to see condo conversions begin again in 2011,” Giles said.
“As the market revives, the first rental buildings to be converted will be the broken condos—the properties that were built to be sold as condos but failed during the recession,” Giles predicted.
Don DeBat’s weekly real estate column is syndicated by DeBat Media Services. For more home-buying information visit his website at: www.dondebat.net.
DON DeBAT
chicago journal
www.chicagojournal.com
The Home Front
11/10/2010 9:55 PM
By STARCHY from Eagle Rock
Posted: 11/11/2010 12:06 PM
The highly respected S&P/Cash-Shiller Home-Price Indices released in early November shows home prices have increased for eight consecutive months for the first time since the spring of 2006.
While prices are still slightly negative over the nearly four-year period, the annual returns are close to being in positive territory for the first time in three years.
“Now that there’s a gradual upward trend in both home sales and home prices, it’s a positive sign that we’ve moved past the bottom of the hear estate market, and are now moving towards a fully recover,” noted Dr. Mark J. Perry, professor of economics and finance in the School of Management at the University of Michigan.
A new RE/MAX Northern Illinois network analysis of transactions gathered by Midwest Real Estate Data shows home sales activity in the metropolitan Chicago real estate market registered a solid gain of 11 percent for the first nine months of 2010, compared to the same period in 2009.
The average sales price for homes in the metro area during the January-September period was $255,684, a decline of only 1 percent from $258,354 a year earlier, said Jim Merrion, regional director of RE/MAX Northern Illinois.
Developers of new condominiums in downtown Chicago say the market has hit bottom and demand is slowly returning sparked by affordable pricing and rock-bottom mortgage rates.
“We have had a good sales year in 2010 and are highly optimistic about the new-construction condo market in 2011,” said Scott Hoskins, president and managing broker for CMK Realty, the exclusive marketing agent for 235 Van Buren, a new 47-story condo tower in the Loop’s Financial District.
“With both mortgage rates and condo prices at the bottom, we are anticipating good condo sales in downtown Chicago during the first quarter of 2011,” said Keith Giles, president of Weichert, Realtors—Frankel & Giles, the exclusive broker for several South Loop projects.
Meanwhile, apartment owners also are enjoying a rebound in the rental market with occupancy levels improving and concessions being phased out.
Judith Roettig, executive director of the Chicagoland Apartment Association, said forecasts indicate many Chicago-area landlords are planning catch-up rent increases of up to 8 percent in 2011, after seeing rent declines since 2007.
“If apartment rents rise a hefty 8 percent that will make condominium ownership more desirable,” predicted Giles. “Chicago historically is a condo town. People like to own their real estate here.”
Once resale values start to rise again, pride of ownership will return as owners start to enjoy the investment benefits of income-tax deductions for mortgage interest and real estate taxes, experts say.
“While the new-construction condo development market may not come roaring back at full capacity for a few more years, we expect to see condo conversions begin again in 2011,” Giles said.
“As the market revives, the first rental buildings to be converted will be the broken condos—the properties that were built to be sold as condos but failed during the recession,” Giles predicted.
Don DeBat’s weekly real estate column is syndicated by DeBat Media Services. For more home-buying information visit his website at: www.dondebat.net.
DON DeBAT
chicago journal
www.chicagojournal.com
The Home Front
11/10/2010 9:55 PM
By STARCHY from Eagle Rock
Posted: 11/11/2010 12:06 PM
Chicago renters, condo buyers could get protections
Daley proposal would increase conversion warning from 4 to 9 months.
Renters and condominium buyers in Chicago would get more protection from developers under a plan unveiled Thursday by Mayor Richard Daley, who acknowledged that it comes too late to protect people who had problems during the real estate boom that preceded the recession.
The proposal, which Daley will introduce at Wednesday's City Council meeting, would increase the forewarning developers have to give renters if they plan to convert apartments into condos from four months to nine months. It also would require landlords to give renters at least $1,500 to relocate if their building is going to be converted.
Developers also would have to give condo buyers a standardized "disclosure summary" about taxes and assessments on the property and the condition of the building before purchase, Daley said.
Though developers aren't doing much conversion work now because of Chicago's glut of condos and the depressed housing market, Daley said the proposal will be important when the city's real estate market heats up again.
"It's going to come back, and we want to be able to learn by mistakes, let's be realistic, things that did not take place in order to protect people, simple as that," the mayor said during a news conference at a park in the Belmont Cragin neighborhood on the Northwest Side.
"These proposals will serve residents and neighborhoods now, and when the housing market begins to rebound, so there's no better time to enact them into law," Daley said.
The proposed ordinance is based on the recommendations of the Condominium Conversion Task Force. The mayor appointed the group of aldermen, real estate agents, developers and renters' rights advocates in 2007 to recommend stronger standards. The group released its report Thursday.
jebyrne@tribune.com http://www.chicagotribune.com/news/local/ct-met-daley-0902-20100902,0,4498761.story
Renters and condominium buyers in Chicago would get more protection from developers under a plan unveiled Thursday by Mayor Richard Daley, who acknowledged that it comes too late to protect people who had problems during the real estate boom that preceded the recession.
The proposal, which Daley will introduce at Wednesday's City Council meeting, would increase the forewarning developers have to give renters if they plan to convert apartments into condos from four months to nine months. It also would require landlords to give renters at least $1,500 to relocate if their building is going to be converted.
Developers also would have to give condo buyers a standardized "disclosure summary" about taxes and assessments on the property and the condition of the building before purchase, Daley said.
Though developers aren't doing much conversion work now because of Chicago's glut of condos and the depressed housing market, Daley said the proposal will be important when the city's real estate market heats up again.
"It's going to come back, and we want to be able to learn by mistakes, let's be realistic, things that did not take place in order to protect people, simple as that," the mayor said during a news conference at a park in the Belmont Cragin neighborhood on the Northwest Side.
"These proposals will serve residents and neighborhoods now, and when the housing market begins to rebound, so there's no better time to enact them into law," Daley said.
The proposed ordinance is based on the recommendations of the Condominium Conversion Task Force. The mayor appointed the group of aldermen, real estate agents, developers and renters' rights advocates in 2007 to recommend stronger standards. The group released its report Thursday.
jebyrne@tribune.com http://www.chicagotribune.com/news/local/ct-met-daley-0902-20100902,0,4498761.story
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