Buying a condo on the Near North Side and Gold Coast

Daniel Ledo · Ledo Group and RE/MAX Premier · 1207 N Dearborn St, Chicago, IL 60610

My office sits on Dearborn Street in the middle of the Gold Coast, a few blocks from the lake. The towers along Lake Shore Drive, the vintage buildings on Astor and State Parkway, the walk-ups on the side streets: this is the part of Chicago I see every working day. When you buy a condo here, you are buying into a building, and my job as your buyer's agent is to help you understand that building before you commit to it.

The building matters as much as the unit

On the Near North Side two units with the same layout can be very different purchases. One building has healthy reserves and no big projects coming. Another is planning a facade or elevator job that hasn't hit the owners yet. Some buildings cap rentals, some limit pets, some are co-ops with their own board approval and financing rules. None of that shows up in listing photos. It shows up in the documents, the budget and the board minutes, and that is where I start with buyers.

The 22.1 package and attorney review

In Illinois, a condo resale comes with a disclosure package under Section 22.1 of the Condominium Property Act. In a typical Chicago deal, your attorney obtains the 22.1 package during attorney review. That is the window where the declaration, the budget, the reserves, any pending special assessments and the insurance details get read, and where you can still renegotiate or walk away.

I help you know what to look for before that window opens, so the questions are ready when the package arrives:

• How large are the reserves next to the building's age and upcoming work?
• Is a special assessment approved, proposed or being discussed in the minutes?
• What are the rental and pet rules, and do they fit your plans?
• Will your loan type work in this building?

A smaller note that buyers often ask about: a radon disclosure is needed only for basement or first-floor units, so on a high floor it usually doesn't come up.

Gold Coast, Streeterville, River North, Old Town or Lincoln Park?

Many buyers start out wanting "the Gold Coast" and end up comparing it with the neighborhoods around it. The Gold Coast offers vintage high-rises, co-ops and full-service lakefront towers within walking distance of Oak Street Beach. Streeterville and River North lean toward newer towers. To the north, Old Town and Lincoln Park add more low-rise condos, vintage buildings and two-flats. I walk buyers through what each area means for the kind of building they'll live in, not just the address.

For more, see my Gold Coast condo checklist, Gold Coast condos for sale and Lincoln Park condos.

How I work with condo buyers

1. A first conversation about your budget, your monthly comfort zone including assessments, and the kind of building you want.
2. Tours where we look at the building as hard as the unit: the lobby, the mechanicals you can see, the notices on the bulletin board.
3. An offer built around what we learned, then attorney review, where your attorney gets the 22.1 package and we work through what it shows.
4. Through closing with your lender, your attorney and the building's management.

FAQ

Who gets the condo 22.1 disclosure package in Chicago?

The attorney obtains the 22.1 package during attorney review. That is when the budget, reserves, pending special assessments and building rules are reviewed.

Do I need a radon disclosure for a high-rise condo?

A radon disclosure is needed only for basement or first-floor units.

Where is your office?

1207 N Dearborn St, Chicago, IL 60610, in the Gold Coast.

Thinking about a condo on the Near North Side or Gold Coast?

Call or text me at 312-219-5921, or email [email protected]. We'll talk through the buildings on your list before you write an offer.

Daniel Ledo, Ledo Group and RE/MAX Premier · 1207 N Dearborn St, Chicago, IL 60610