Page 3 - Chicago Cooperator Winter 2019

CHICAGOCOOPERATOR.COM
THE CHICAGOLAND COOPERATOR —
WINTER 2019
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NEED ANY MAINTENANCE PAINTING?Y MAINTENANCE PAINTING?Y MAINTENANCE PAINTING?Y MAINTENANCE PAINTING?Y MAINTENANCE PAINTING?Y MAINTENANCE PAINTING?Y MAINTENANCE PAINTING?Y MAINTENANCE PAINTING?Y MAINTENANCE PAINTING?Y MAINTENANCE PAINTING?Y MAINTENANCE PAINTING?Y MAINTENANCE PAINTING?Y MAINTENANCE PAINTING?Y MAINTENANCE PAINTING?Y MAINTENANCE PAINTING?Y MAINTENANCE PAINTING?Y MAINTENANCE PAINTING?Y MAINTENANCE PAINTING?Y MAINTENANCE PAINTING?Y MAINTENANCE PAINTING?Y MAINTENANCE PAINTING?Y MAINTENANCE PAINTING?Y MAINTENANCE PAINTING?Y MAINTENANCE PAINTING?Y MAINTENANCE PAINTING?Y MAINTENANCE PAINTING?Y MAINTENANCE PAINTING?Y MAINTENANCE PAINTING?Y MAINTENANCE PAINTING?Y MAINTENANCE PAINTING?Y MAINTENANCE PAINTING?Y MAINTENANCE PAINTING?Y MAINTENANCE PAINTING?Y MAINTENANCE PAINTING?Y MAINTENANCE PAINTING?Y MAINTENANCE PAINTING?Y MAINTENANCE PAINTING?Y MAINTENANCE PAINTING?
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TABLE OF CONTENTS
2019-2020 ROUND-UP AND PROJECTION
In markets throughout the nation, 2019 was a year of uncertainty, refl ecting change
in the basic mechanisms of how we view, buy, and sell real estate. Th at uncertainty
extended to all markets, from traditional single-family homes to co-ops and condomini-
ums, to commercial properties – and the same factors that aff ected markets in 2019 are
expected to continue to reverberate in 2020.
PAGE 1
ELEVATOR REFURBISHMENT
No matter how well constructed and carefully maintained, no mechanical system lasts for-
ever—and that goes for elevator cabs and equipment just as much as it applies to roofs or
boilers. At some point, your building’s vertical transportation comes to the end of its useful
life, and the inconvenience of refurbishment and replacement becomes a reality for residents.
If you live on a lower fl oor—say the fi rst, second, or even the third story—the inconvenience
may not be too severe. If you live in a building with multiple elevators, it’s unlikely that more
than one will be taken out of service for upgrading at a time. But if you live in a building
with a single elevator and reside above the fi rst few fl oors, or if you have trouble climbing
stairs at all, let alone carrying packages up or down, an elevator upgrade can become a real
nightmare.
PAGE 1
Yale Robbins
Publisher
Henry Robbins
Executive Vice President
Joanna DiPaola
Associate Publisher
Hannah Fons
Senior Editor
Darcey Gerstein
Associate Editor
Pat Gale
Associate Editor
Shirly Korchak
Art Director
Anne Anastasi
Production Manager
Victor Marcos
Traffi c Coordinator
Alan J. Sidransky
Staff Writer
Rick Levin
Director of Sales
The Chicagoland Cooperator is published quarterly by Yale Robbins Publications, LLC, 205 Lexington Ave., New York, NY 10016, (212) 683-5700. President:
Yale Robbins, Executive Vice President: Henry Robbins. Subscriptions are available free by request to co-op and condo board members and homeowner associations.
POSTMASTER: Send address changes to The Chicagoland Cooperator, 205 Lexington Ave., New York, NY 10016. ©Yale Robbins Publications, LLC 2017. All rights
reserved. Application to mail Periodicals postage rates is pending at New York NY. FREE Subscriptions for Board Members, Property Managers and Real Estate
Decision Makers. To Subscribe, please visit us at: chicagocooperator.com/subscribe
chicagocooperator.com
FIREPLACE SAFETY AND MAINTENANCE
Some lucky Chicagoland residents can come home from work on a bitter winter’s night
and warm their feet by a roaring fi re while drinking a hot toddy. A working fi replace is
a coveted amenity for many, adding a dash of vintage charm to prewar apartments or a
touch of luxury in sleek newer buildings. But hot toddies aside, maintaining a fi replace
in your apartment is no small task. From regular cleaning to proper venting, taking
care of a working fi replace is a serious responsibility—and crucial for the safety of both
people and property.
PAGE 1
REMOVING A CONDOMINIUM OWNER
Removing a disruptive, abusive, non-paying, or otherwise problematic tenant from
a rental building is relatively easy. Doing the same thing in a co-op is also possible,
though substantially harder. But removing a condo owner from the premises (and
eff ectively wiping out his or her equity position as a member of the condominium asso-
ciation) is very diffi cult indeed, and subject to very narrow legal interpretation—yet is
doable under certain circumstances.
PAGE 6
INDUSTRY PULSE/CALENDAR
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Q&A
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