First Pictures from Inside The Emerald: 123 S. Green
The first rentals in The Emerald, 123 S. Green, in the West Loop near Greektown are now appearing in earnest as the first building is nearing completion.
Several rentals have popped up on the MLS and several more are on Craigslist.
These are pictures from the interiors of a one bedroom and a one bedroom with den.
Unit #410A: 1 bedroom, 1 bath, 794 square feet
- Listed for rent for $1600 a month plus $150 for parking (parking must be leased with the unit)
- Available May 1
- Property Consultants Realty Inc. has the listing
Unit #505A: 1 bedroom plus den, 1 bath, 900 square feet
- Listed for rent for $1700 a month plus $150 for parking (must rent the parking with the unit)
- Available June 1
- Property Consultants Realty Inc. has the listing
Property Consultants Realty is handling the sales center for The Emerald and is co-developer on the project.
Stay tuned.
They look like all other new construction these days. At least they look better than Momo!
Wow….a carpeted, crema-marfil paradise! Ack.
Do they really think someone is going to pay that much to rent a one bedroom in the West Loop. That number will be down to $1500-$1600 with parking in a few months.
Do you think that would be a deal at $1500 per month with parking?
It may not be a deal but it is the market rate when you compare with a few others. The one bedrooms with parking at Presidential Towers are around $1600. The units at PT are also old and horrible. The one Bedrooms at 180 N Jefferson start at $1500 without parking. While it is a newer building the interior finishes are very subpar (carpet, oak cabinets, white appliances, formica counters, white ceramic bath…)
well this certainly shows the difference between cheap “green” living and high end “green” living (340 OTP)
These will all be section 8 someday.
Why do you think they will be section 8 ? Will the individual owner of the condo not be able to get $700/month which is what the going rate for 1bdr sec 8 is now. Its easy to throw out speculation like with no facts/knowledge. There is the largest apartment complex in Chicago 2 blocks away and they are charging as much and have a very high occupancy rate. Do you think all those units will become section 8 as well.
Isn’t presidential towers section 8?
No Jason. Presidential towers had to reserve some units, a very small percentage, for Section 8 to get approvals for construction. The number of these units have been declining ever since (they do not remain section 8 once the tenant vacates).
A small amount of the units are section 8 at PT. If they had there choice they would eliminate it but that has to do with the federal backed loan that they recieved in the past. In order to get the financing they promised to have a small percentage of units as Section 8. Many of the highrises in the Gold Coast do as well but all these buildings have contracts that date back 15+ years to have section 8. As soon as the contracts and financing expires, you will see the buildings dump section 8
Whay would an individual homeowner who purchased a unit for 260-300K want to rent to section 8 tenants. Even if the property went into foreclosure and there was a new buyer, why would that buyer rent to Section 8 when they can rent for much more. Also the paperwork required for the landlord to do just one unit doesn’t make sense for section 8 as well. In order for an individual homeowner to go to section 8 is if they cant get more in the free market. I think they would easily be able to get $1300/month and if they listed it for that amount, they would have a line of qualified applicants.
Actually, Investor, you can list for any rent you want, and still get a Section 8 tenant.
It is perhaps even easier to get stuck with a voucher tenant if you list the rent too high. You see, you are not permitted to discriminate any longer against a tenant on the basis of his source of income.
The tenant pays a set portion of her income as rent, and HUD makes up the difference. I forget whether it is 25% or 30% of the tenant’s income. So, if, say, $500 is 30% of the tenant’s income, and the rent is $1300, the government will pay the difference, thus allowing a voucher tenant to occupy housing many middle income tenants balk at paying.
So, you see, many landlords of deeply substandard buildings LOVE Section 8 because it permits them to charge premium rents for really substandard buildings. Section 8, far from helping lower income people with affordable housing, has actually been a big factor in driving rents up.
Pull the Section 8 subsidies, and many really bad buildings will have to drop their rents OR fix their places up to be worth the “market” rent charged.
So, to me, at least, it would seem that the best way to avoid having Section 8 tenants is to screen very rigourously, and keep your rent slightly below the market so your place will be a bargain and attract many quality tenants. I notice that buildings in my area that are full of Section 8 tenants charge “market” rents that are very steep relative to the fine rentals in the area. The rents are too high for the apartments, which are dumps, and that scares off good tenants.
I’d rather charge $1100 for this place and get a good, solid tenant than charge $1300 and have to settle for whoever walks in next, voucher in hand.
In that case, how can Presidential towers legally limit the Section 8 tenants?
Laura
There is max that the government will pay to make up the difference. It is called the Fair MArket Rent (FMR). I think in Chicago for 2008 it is around $900. So if the person makes $1000/month and 25% goes to rent ($250), the rest of the FMR comes from the government so the government would pay $650.
It is up to the landlord to participate in Section 8 and it is actually a very long process to get approved. Due to the paperwork involved very few individual unit owners participate. Laura, trust me if they list that unit for $1300 they would have a stampede to rent it. They would easily get it rented for $1500.
So what you are telling me is that, I shouldn’t work or try to better myself, because if I keep my income low, I can have the GOVERNMENT subsidize a fat place like this for me! Best advice I ever got! 😉
You do not have to accept section 8 if you own the building or unit. Like I siad there is a long process in which the landlord has to qualify their property. This is done to prevent slumlords from getting rent for really crappy apartments (I mean below third world quality). So people with a section 8 voucher have a limited number of units that they can rent. They can only use them at buildings that will accept them. So if someone answers your craigslist ad and says that they are Section 8 you can not rent it to them unless you want to and have done all the paperwork and inspections.
Say you own a multi-unit building you can get as many units as you want to be certified by the section 8 agency and those are the only units that can be rented by Section 8. You can have one unit certified. It is up to the owner.
Its actually a very good business when you do it in run down “ghetto” neighborhoods. You can get properties very cheap and fix them up so they pass the agency’s inspection then you will get Fair Market Rent (FMR) eventhough the market rents in the area are less.
It is perhaps even easier to get stuck with a voucher tenant if you list the rent too high. You see, you are not permitted to discriminate any longer against a tenant on the basis of his source of income.
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Lordie! Isn’t socialism GRRRRREAT!?
PT is also used as student housing by a couple of nearby colleges. The schools cram 2 to a studio or 4 kids in a 2-bed and charge nearly fmr for *each* kid. If the parents did their homework, they’d realize they could rent direct from PT and save a bundle.
IIRC, for Sec8, while you can’t discriminate based upon source of income, you can still decline an application if the tenant has bad credit or other issues (problems with background check, bad previous LL reference, etc…). So even if you accept Sec8 clients, you are not required to accept anyone who walks in the door.
As for Green… while $1600 seems a fair but slightly high price for a new 1bed in the area, I think charging for parking but *requiring* the tenant to take it is, pardon my language, bulls***.
Do people pay income tax in their housing vouchers? No? Then it’s not income. Nobody will ever be able to force you to accept a tenant using Section 8 vouchers if you don’t want to be in the program.
Discrimination based on source of income is to protect someone that works in a strip club or a gun shop or an abortion clinic or some other “controversial” industry.
For example, if I was a landlord I wouldn’t want to rent to a mortgage broker or a realtor, mainly because I doubt their ability to continue making rent payments for the whole lease. But I suppose perhaps I wouldn’t be allowed to refuse them.
For example, if I was a landlord I wouldn’t want to rent to a mortgage broker or a realtor, mainly because I doubt their ability to continue making rent payments for the whole lease. But I suppose perhaps I wouldn’t be allowed to refuse them.
What about a crack dealer? They might have the #1 tip in da hood TODAY, but if the fuzz is after them or if Omar comes for them, they might not be able to keeping on selling.
Just rented a unit at the Emerald, it’s actually a really nice condo with great views.
David: Did you lease directly from the developer- or a flipper?
Did they negotiate on price?
a flipper, and yes.
I love that building – have been following the construction since ground breaking. Is the lobby finished? Please update us on how you like it there!
i’m moving in around late may/ early june. so i will get more information.
$1600 with parking is right price for 1 bedroom! I guess they ask for higher price until offer comes in 10% lower. Hey, it’s better than letting the unit sit and digging in your pockets to make mortgage payment. One months rent covers more than the differance.
Section 8 housing is moving out of the ghetto and into other neighborhoods. I know plenty of people who have section 8 in new construction housing all over the city. the foreclosures vacated some neighborhoods faster than white flight ever did. There are blocks and blocks of houses where few people live because the banks have taken over. No ones talked about this yet but there are major demographic changes occuring. In a strange way the foreclosures have helped our society intergrate a little more.
Homedelete – You are really an idiot! That is all I have to say tonight.
I agree. homedelete speak for yourself. Google Robert Putnam and learn something about “integration” and how it doesn’t improve anything.
This is a gorgeous building in a great area. I just put an offer in on a 1 bedroom unit.