Page 4 - Chicago Cooperator Winter 2019

4 THE CHICAGOLAND COOPERATOR
—WINTER 2019
CHICAGOCOOPERATOR.COM
Sat., December 14, 2019
CMCA Review
Community Associations Institute—Illinois,
1821 Walden O ce Square, Suite 100,
Schaumburg, IL
9:00 a.m. – 1:00 p.m.
Managers will review: meetings, governance,
legal issues, budgets, reserves, investments and
assessments, fi nancial controls, risk manage-
ment and insurance, property maintenance,
contracting, and Human Resource manage-
ment. Test strategies will include example test
questions. Light breakfast and beverages will
be served. Contact dianal@cai-illinois.org for
more information or to sign up.
CAL EN D AR
I P
D -F
TRANSACTIONS/TRENDS
Trump Losing Bigly at Chicago Hotel
Vanity Fair
gives a roundup of reporting
on the chilling eff ect Donald Trump’s presi-
dency has had on his real estate holdings—at
least those outside of locations where Trump
can leverage his head-of-state position to
drum up business.
Th e outlet conveys details from
Th e Wash-
ington Post
showing a dizzying 89% drop in
profi ts between 2015 and 2018 at Trump Chi-
cago. Echoing its namesake’s frequent charac-
terizations of the Windy City, the Trump Or-
ganization chalked up the poor performance
to “the perceived threat of gun violence” by
would-be visitors, according to
Vanity Fair.
But there is no data, anecdotal or otherwise,
to back up such a claim; indeed, no other
Chicago hotels have seen a similar decline.
“Among the hotel community in Chicago,
analyst Michael Bellisario told the Post at the
time, “everyone is aware of the relative under-
performance of the Trump hotel over the last
two to three years.”
Sammy Sosa’s Former Pad on the Market
for $2.1 Million
Th e Chicago Tribune
recently featured a
$2.1 million listing in the Near North Side’s
Lake Point Tower. Th e unit is a fi ve-bedroom,
6,000-square-foot condominium on the 55th
fl oor of the iconic 70-story building.
Th e Tribune
reports that retired Chicago
Cubs slugger Sammy Sosa bought the con-
do—a full-wing combination of four adjacent
units—in 1998 for $950,000. He then sold it
in 2005 to the condo’s current owner for $2.1
million, the same price for which that owner
is now listing it.
In addition to its incredible views, the
unit features 5½ baths, a media room, and
a master suite with a walk-in closet, a dress-
ing room, a sitting area/offi ce, and his and
hers baths, according to
Th e Tribune
. Listing
agent Mia Wilkinson of Berkshire Hathaway
HomeServices KoenigRubloff told the outlet,
“It’s a fantastic opportunity. It has the most
beautiful views of the lake shore, the city, the
parks, the beach and all that, so it’s a fantastic
opportunity for someone to come in and truly
make it a one-of-a-kind home perched on the
55th fl oor high up, at a very reasonable price
of $350 per square foot.”
LAW & LEGISLATION
Chicago Helps Homeowners with Th eir
Utility Bills
As part of Mayor Lori Lightfoot’s proposed
city budget, the Utility Relief Billing program,
which will go into eff ect March 2020, will
provide resources and fi nancial help to home-
owners struggling to pay for water, electricity,
and gas, reports Curbed Chicago. Th is pro-
gram aff ects about 20,000 homeowners and
will ensure that those residents maintain ac-
cess to critical utilities even when they have
unpaid bills.
When the program goes into eff ect, quali-
fying low-income residents will be able to get
a reduced rate on their water-sewer bills and
taxes without facing past payment penalties
or debt collection, says Curbed. Aft er a year of
on-time payments at the lower rates, the city
will clear any past debt.
Eventually, reports Curbed, the Utility Bill-
ing Relief program will move all households
(metered or not) to a monthly billing schedule
to help residents track their water usage and
budget better.
According to Curbed, the cost of water for
Chicago homeowners has increased 166%
since 2011. In that same time period, the debt
owed on water utility bills has increased 300%.
Much of the debt is concentrated in Chicago’s
West and South Side neighborhoods and has
been an impetus for many of Chicago’s elderly
residents to leave the city, according to Mary
Anderson, Chicago director of AARP.
n
2019/20
PULSE/CALENDAR
Save Water - Save Money
Multi-family conservation/cost control
Multi-family replacement programs
Stop leaks
Avoid damage
Reduce insurance costs
Control your water
Improving Lives
through
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Friday, February 21, 2020
CAI-IL Condo-HOA Conference & Expo—
38th Annual
Donald E. Stephens Convention Center, 5555
N. River Road, Rosemont, IL
7:00 a.m. – 7:30 p.m.
Join more than 1,500 industry professionals
and homeowner volunteer leaders—along with
over 200 exhibitors—for the most comprehen-
sive 1-day event for community associations in
the state of Illinois! Th is year’s CAI-IL Condo-
HOA Conference & Expo will give you “2020
Vision” and off er education sessions on legal
updates, innovative trends, hot topics, and
industry best practices, as well as opportunities
to share, learn, network, and discuss challenges
and solutions. Register by December 15 for
the lowest rate! Contact Cheryl Murphy
at cherylm@cai-illinois.org or visit
www.cai-illinois.org/event/il-condo-hoa-con-
ference-expo-2020/ for more information on
registering or exhibiting.