Apostal Group

Co-ops

Apostal Group

One of the real estate questions that we field frequently when people are looking at spaces in the city is: What’s the difference between a co-op and a condo? Buying in a cooperative (or co-op) building has distinctions from buying in a condo building. Rather than owning the space outright, you own shares in a corporation that owns the real estate. As a term of your stock ownership, you are allowed to occupy a specific space as outlined in a Proprietary Lease.

Chicago has a handful of cooperative Pre-War and Art Deco buildings, particularly in the Gold Coast, Hyde Park, Lakeview and Lincoln Park. A few things to keep in mind when looking at a co-op:

  • In a co-op, buyers hold equity in the overall building (similar to the shareholders of a corporation), but do not own the property outright.
  • The co-op’s governing association may hold intensive criteria for accepting new owners, including interviews, deep financial auditing, job details, etc., and have the right to reject any applications they deem unfit,in the goal of creating a “community” of more like-minded tenants who generally have the same living habits.
  • Co-op boards often require high down payment requirements (sometimes up to 50%) and may require cash-only deals.
  • Co-op buildings tend to be older vintage buildings.
  • Another thing to keep in mind is that the higher restrictions on buyers may impact how quickly you are able to sell a co-op share when the time comes to move.
  • In a co-op, you will not receive anindividual real estate tax bill. The County issues a single tax bill to the corporation, and as a shareholder, you willpay a share of the total bill based on the number of shares of stock you own. In some co-op buildings, real taxes will be included in your monthly assessments.
  • Unlike condo associations, co-ops will not have special assessment fees. Instead, the corporation will obtain a mortgage or other loan to complete any capital projects, and your share of the new debt will appear as an increase in your monthly fees.

SCHOOLS

SCHOOLS

We’ve found that schools can be a big concern for families contemplating a move. At The Apostal Group, our family has grown up in Chicago, and we’ve helped hundreds of families find a corner of the city to call their own.

ATTRACTIONS

ATTRACTIONS

From the famed Magnificent Mile to the Theater District to Lincoln Park and beyond, Chicago offers limitless opportunities for fun and adventure. The city is home to several professional sports teams, including the White Sox, the Cubs, the Fire, the Bears, the Bulls and the Blackhawks.

RELOCATING

RELOCATING

Relocating can be an overwhelming experience. At The Apostal Group, all of our team members are passionate Chicagoans who love sharing our knowledge of the city and the local real estate market.Our team will help you identify your goals, foresee the opportunities and work with you to find the perfect housing options.

HOME IMPROVEMENTS

HOME  IMPROVEMENTS

It is our goal to provide a high-touch scope of service to all of our clients. If you are selling your home, we bring in a professional interior designer/stager and a professional photographer to take magazine-quality photos at no additional charge as a standard of our service.

INVESTING

INVESTING

The Apostal Group has been a family business in Chicago since 1974. Founder and principal broker Niko grew up in Chicago watching his parents develop and grow their real estate business. Co-founder and broker Edie has been a real estate broker for four decades.