Page 4 - Chicago Cooperator Spring 2019

4 THE CHICAGOLAND COOPERATOR — SPRING 2019 CHICAGOCOOPERATOR.COM Wednesday, May 8, 2019 The Cooperator Expo Chicagoland Donald E. Stephens Convention Center, Rosemont, IL 10:00 a.m. - 3:30 p.m. Learn about the latest building services from more than 150 exhibitors. Attend educational seminars, network with your peers, and get free advice from industry experts. For information, visit www.chicagocondoexpo.com. Wednesday, March 20, 2019 CAI Webinar – Thriving in Place: Aging Residents in Community Associations 1:00 p.m. - 2:00 p.m. As today’s population ages, successful homeowners associations and condominiums must adapt to aging residents’ needs. Learn how managers and association leaders can work together to create a plan for community residents who are aging in place. Discover solutions and ideas to implement in building programs, get educated on exactly what it means to age in place, and gain insights on how to anticipate the needs and concerns of aging residents. For information, visit www.caionline.org. Saturday, March 30, 2019 ACTHA Spring Expo and Conference Drury Lane, 100 Drury Lane, Oakbrook Terrace, IL 8:00 a.m. - 4:30 p.m. Connect with unit owners, board members, managers and vendors to address today’s issues affecting community associations. Experience tailored education and gain access to vendors who will enhance your commu- nity. Registration covers the full conference including continental breakfast, lunch, and all educational sessions and networking sessions. For information, visit www.actha.org. Friday, April 5, 2019 CAI: M-202 Association Communications Embassy Suites by Hilton Chicago Downtown, 600 N. State St., Chicago, IL 9:00 a.m. - 5:00 p.m. This course offers communication strategies that will benefit both new and experienced managers and provide the skills to better understand owners and volunteers. You’ll learn the basics of good customer service and gain the tools to effectively handle complaints, write newsletters and reports and manage public relations. For information, visit www.caionline.org. CAL EN D AR Mar-April 2019 PULSE/CALENDAR Trends Chicago-Area Home Sales Up in 2018, But Still Mired in Decade Decline New home sales in the Chicagoland area experienced an uptick last year— but in the context of the last decade, perfor- mance continued to be sub-par. Citing a study by real estate consulting firm Tracy Cross & Associates, Crain’s Chicago Business reported that there were 3,985 new houses, condos and townhouses sold – an increase of of 3.1 percent compared to 2017. However, sales remained under 5,000, continuing a trend that started after the Great Recession of 2008. According to Erik Doersching, executive vice presi- dent of Schaumburg-based Cross, a con- sulting firm working with homebuilders, “We haven’t come up off our low plateau.” Among the reasons for the plateau over the last decade are population losses, slow price increases for existing homes, chang- ing interest in the outlying suburbs for homebuyers, and supply and demand. Logan Square Church-to-Condo Conversion Prompts Debate Declining membership and attendance has forced some Chicago churches to close permanently, leaving their historic build- ings unused. But now those buildings are being rescued and converted into luxury residences – a trend that has some com- munity members questioning their repur- posing. While developers often argue that converting ecumenical buildings for resi- dential use preserves the beauty of historic structures, others argue that the trend accelerates the negative impacts of gentri- fication. A recent example of this is a proj- ect involving the former Church of the Advent in Logan Square,WTTW reported. One critic of how the structure is being reused is Andrew Schneider, President of the Logan Square Preservation group. According to him, “Developers can out- bid congregations on these purpose-built structures, and I think that gets to the rela- tionship between gentrification and resi- dential reuse.” Meanwhile, Jean Dufresne of SPACE Architects + Planners, one of the architects behind the Advent proj- ect, argues that unused church buildings should be saved through conversion for their historical and aesthetic value. “We saved a gorgeous building from being demolished. It is still standing for people to view and enjoy, and to tell the stories of its construction and service to the commu- nity.” Community Associations CAI Reports Record-Setting Membership Growth Community Associations Institute (CAI) announced its 40,000 membership milestone, according to the organization in a press release. CAI’s total membership of 40,389 includes volunteer homeowner leaders who serve on their association boards in homeowners associations (HOAs), condo- minium communities, and cooperatives, as well as community management profes- sionals and business partners serving these communities. The membership increase is a sig- nificant gain following the Oct. 1, 2017 announcement of CAI’s new membership dues restructuring plan for its Homeowner Leader membership type, which offers community associations the opportunity to sign up to 15 board members for only $250. Prior to Oct. 1, CAI membership totaled 34,555. Since the Oct. 1 imple- mentation, CAI’s overall membership has experienced a 14 percent increase and a 34 percent increase for homeowner leaders. According to the 2017 CAI Member Needs Assessment Survey, 89 percent of CAI members responded that they’re likely to recommend CAI to their peers. Across all member types, the most important rea- sons for joining CAI include professional designations and certifications, connection to local CAI chapters, networking, and education. “Since its inception, CAI has played a pivotal role in shaping the community association housing model, by educating and training industry professionals and advocating on behalf of the stakeholders who live and work in these thriving com- munities,” said Crystal Wallace, CAE, CAI’s vice president of membership and chapter relations. “Forty years later, our mission remains—uniting communities worldwide by continuing to understand the influence of today’s community asso- ciation leaders, community managers, and business partners. Our work sets the tone for associations, reflective in a commu- nity culture that Americans and the world identify as preferred places to call home.” Development South Michigan Avenue Condo Project Adds Micro Units A 74-story condo tower in development on South Michigan Avenue is bringing smaller units into the fold. Curbed report- ed that the skyscraper, called 1000M, is incorporating luxury ‘micro units’ that range between 325 and 850 square-feet and consist of studios and one-, two- and three-bedroom apartments—priced from $313,000 for a studio to under $1 million for a three-bedroom. The new additions bring the total units at 1000M to 421 (orig- inally it was planned as 323 apartments). Developer Jerry Karlik of JK Equities said: “People are demanding this type of smaller unit, not only for a second home or pied- à-terre, but a primary residence as well.” The building’s 40,000 square-feet of ame- nities will include such things as a fitness deck and a Himalayan salt therapy room. Ground for the project is expected to break this year. Former ‘Family Matters’ House is Now Lincoln Park Condos Remember Family Matters , the popular 1990s sitcom featuring lovable nerd Steve Urkel? The Lincoln Park site upon which the home featured in the show’s opening credits sat is now occupied by a three- story condo building whose units have hit the market. Curbed reported the original home was purchased by a developer for $798,000, then later torn down to make room for the condo building. A property agent for the building said a four-bedroom unit with an asking price of $1,295,000 has been sold, while two three-bedroom apart- ments are still available for $950,000 and $825,000. Meanwhile, the original Family Matters home has not been forgotten: a plaque honoring the former TV series is mounted on the condo building’s facade. Transactions Billionaire Buys NYC Penthouse for $238M, the Most Expensive Home in the U.S. Hedge fund billionaire Kenneth Griffin now has 238 million reasons to love his latest real estate purchase. The New York Times reported that Griffin, the founder of the Chicago-based investment com- pany Citadel, recently paid $238 million for a New York City penthouse. It is con- sidered the most anyone has paid for a home in the United States. As described in the report, the penthouse, located at 220 Central Avenue South in Manhattan, measures 24,000 square feet, and is actu- ally two combined apartments. Griffin’s purchase breaks the previous record of the most expensive home bought in America—a $137 million abode in the Hamptons that was sold in 2014, accord- ing to Miller Samuels and CNN. Griffin founded Citadel – which currently man- ages $28 billion – in 1990, and reportedly has a net worth of $9.9 billion. In addition, according to Inside Philanthropy , Griffin has donated $700 million to such Windy City institutions as the Field Museum of Natural History, the University of Chicago, and the Art Institute of Chicago. Oprah’s Former Water Tower Place Condo Lists for $3.45M The fourth and last of Oprah Winfrey’s former condos at Water Tower Place on Pearson Street has now hit the mar- ket with an asking price of $3.45 million, said Crain’s Chicago Business . It was one Industry Pulse continued on page 15