Is It Like Living at a Resort? A 2/2 at 2020 N. Lincoln Park West in Lincoln Park
This 2-bedroom on the 18th floor at 2020 N. Lincoln Park West in Lincoln Park just came on the market.
It has southwest views with a peak of the Lake and Park.
There are hardwood floors throughout.
The kitchen has a kitchen island with granite counter tops and a rare kitchen window.
There’s a west facing balcony off the dining room.
It has central air and parking is available for rent in the building for $190 a month. There’s no in-unit washer/dryer.
The listing says there are $4.5 million in reserves and that there hasn’t been a special assessment in the building in 25 years.
The assessment includes a lot of amenities including an outdoor pool, exercise room, clubhouse and sauna as well as heat, air conditioning, high speed Internet and cable with a TiVo box.
Are the big luxury buildings like living in your own year round resort?
Linda Breedlove at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.
Unit #18M: 2 bedrooms, 2 baths, 1102 square feet
- Sold in September 2001 for $352,500
- Currently listed for $379,000
- Assessments of $949 a month (includes heat, c/a, Internet, cable with TiVo, doorman, pool, gym, sauna, clubhouse, lawn care, exterior maintenance, scavenger, snow removal)
- Taxes of $6876
- Central Air
- No washer/dryer in the unit
- Parking is rental in the building for $190 a month
- Bedroom #1: 11×15
- Bedroom #2: 11×13
Looks like a retirement community
With these carry costs, I’d prefer to live in a “less amenitized” building (noting that the unit itself doesn’t even have in-unit w/d) and get a membership at East Bank Club or something similar. Just my preference though.
those assessments/taxes are insane
“The listing says there are $4.5 million in reserves”
Seems like a pretty high reserve. Is that normal?
“and that there hasn’t been a special assessment in the building in 25 years.”
i guess that means one has to be coming in the future…roof, windows, facade, common area updates? none of this has been updated with a special in 25 years?
2015 taxes = $6,876.48
No HO exemption.
“none of this has been updated with a special in 25 years?”
could have all been done from operating account and regular reserves
There are only a few building in the city that offer the ‘full’ amenities package. Even some of the newer luxury highrises just fall short on key items like their gym (ie. Silver Tower), requiring those that actually lift to still belong to FCC, EBC, etc. I would put Grand Plaza first if you are a young professional followed by One Superior Place (only rental though). Aqua has the best package, but the pool deck isn’t social (lap lanes) and shared with hotel guests (boo). 2020 Lincoln is decent overall, but the upkeep and potential major issues for older buildings does warrant a reserve of that level (and respective HOA). Also its age attracts, well, a higher age group (I thought retirement home too haha). That being said the list price is less than a 2/2 at The Sterling, 1201 S Prairie, or the others mentioned above.
$4.5 million in reserves is about $10.5 per unit (there are 433 units in the building). It is definitely on a high (good) end. High assessments like these are absolutely nece
No washer/dryer in unit is a deal killer for many.
“i guess that means one has to be coming in the future…roof, windows, facade, common area updates? none of this has been updated with a special in 25 years?”
It doesn’t say it hasn’t been updated. It says they are a well run HOA and they haven’t needed a special assessment to do any work in 25 years.
This is a positive to buyers, usually.
“those assessments/taxes are insane”
Why are the assessments insane?
It includes heat and c/a. Both are at least $100 a month year round especially the c/a since this is south and west facing unit which gets sun all day long. Internet and cable with some premium channels/TiVo is at least another $200.
Here’s a trick most people don’t realize Associations do: they will stop including cable/internet in the HOA so that the assessments appear to be “cheap” or “cheaper” at $400 or $500 a month.
I can’t even tell you the number of Associations I’ve seen over the years get rid of the cable to try and make the HOAs seem more affordable. But in these really big buildings, they can actually get a cheaper deal if they do a group plan. Although, a lot of people want to cut the cord now.
It doesn’t say it hasn’t been updated. It says they are a well run HOA and they haven’t needed a special assessment to do any work in 25 years.
This is a positive to buyers, usually.
Or they’ve deferred a bunch of maintenance or repairs/replacements
With what they’re charging, its not outside the realm of possibilities, but I’d want to look at the books and see how old the roof is, last lobby upgrade, etc
lol my place is over twice the size of this and not in a tower and heat and AC cost 100 bucks in two peak months (January/August), rest of the time its like 50 bucks at the most
Bulk cable and internet packages with Tivo (probably RCN) that come with condos suck and aren’t any cheaper than buying on your own, and who watches cable anymore except for geezers, oh and that’s maaaybe 100 bucks if you buy some premium channels and faster internet
but hey this place is well ran, I am going to assume that an extra 200 or so a month on top of what already is in going towards reserves is what makes these so high so that there are no assessments… still you’re paying almost 1600 a month before your mortgage for this place and its only 1100 sqft and you have to use the communal coin laundry in the basement? fuck that shit
A friend lives in this building. The location is perfect and her view is one of the best I have ever seen. The front facing units are spacious and bright with tons of closet space. I would move into this building in a second. The high reserves prevent a special assessment. Don’t be fooled by lower assessments. That usually means a special will pop up or you have no amenities whatsoever.
“use the communal coin laundry in the basement?”
There are about 50 different laundry services with delivery. The person that likes this place, and likes the ease of the comprehensive assessment, really is their target market. Plus, I bet the doorman will put the clean laundry in your unit for you.
Assessments include many things that are of value. And the big buildings take constant maintenance. This is not great but also not out of line for the area, amenities, and size of unit.
That is the cost of entry to be in this type of dwelling.
“Or they’ve deferred a bunch of maintenance or repairs/replacements”
With $4.5 million in reserves? Really?
The banks look at ALL of this now. Just ask Russ. They want to see the condo budgets. They want to see minutes from meetings. They look at what was spent the last 2 to 3 years. They look at reserves. They look at what is planned over the next year.
Buildings that haven’t had a special for 25 years (and tout that) are actually PROUD of that.
It takes a lot of good management to avoid a special in a large building for decades.
Its an early 70’s building and its getting to the point where 9 wire and duct tape wont hold it together.
Now show me the last roof replacement and the status of the building mechanical systems and then we can honestly talk about the status of the reserves, otherwise your opinion is the same as mine – a guess
“an early 70’s building”
1971, to be exact.
Didn’t they do a major facade restoration in the late 90s?
” and then we can honestly talk about the status of the reserves, otherwise your opinion is the same as mine – a guess”
Fair enough point however the evidence clearly points toward Sabrina’s argument. It suggests a proactive,intelligent, and well funded condo association. That speaks volumes. At 433 units it is around $10K per unit in reserves.
No large group of owners would allow or continue to approve a board just hoarding cash and not doing repairs or planning on how to spend that money. That theory is simply nonsense. With over 400 owners voting that idea would be overturned quickly.
I lived in a smaller building that had a 20 year plan with reserve funding building to cover huge expenses in specific years without wiping out the accounts. The plan was quite detailed. I recall that all windows were budgeted to be replaced over a three year period. The reserves climed each year to accommodate that cost. And another year they had created a line item to replace the carpets in all halls. That sounds like this board!
Thats a reasonable response
$4.5MM in reserves is going to dwindle quickly, re-roofing, replacing chiller/Cooling Tower/Boiler/Windows/etc
The $4.5MM is just a number at this point – there’s no context
“The $4.5MM is just a number at this point – there’s no context”
I think the 25 year track record is plenty of context (and can be easily verified).
I agree w/ Sabrina and jp3: most professional management companies (and many lenders) now expect to see a reserve study and have assessments planned accordingly. Yes–unexpected things can still happen, but with a long term plan that looks at each major element (facade, windows, roof, HVAC, pavement resurfacing, carpeting, lobby etc.) and plans out a reasonable useful-life and replacement schedule & cost, there are unlikely to be big surprises.
If they’ve managed to build up 10K/ unit reserves (probably more than 10k would be the allocation of that for this unit, since their ownership share is likely above the average), it also suggests that more than $1000/yr of the assessment is going towards reserves, so even if a $1MM repair is needed soon that money will be replenished.
Older towers sometimes have some challenges updating to newer technology, adding in-unit laundry, competing with the deluxe amenities or other cosmetic improvements available in some of the newer buildings but they are built like fortresses.
Those fortresses need repairs and maintenance however as the saying goes…. they just don’t build em like they used to!
I think the 25 year track record is plenty of context (and can be easily verified).
So if tomorrow they sign contracts for a new roof, asbestos abatement and mechanical systems and the contract value erases the reserves and they wind up in the hole, was the $4.5MM an indicator of anything?
@johnnyU: Yes, if they sign 4.5 MM of contracts now, there would be no reserves left.
The Board & Management company would both get voted out unless all of these things weren’t reasonably foreseeable.
I also don’t think (short of exigent circumstances) that they could spend more than they have w/o voting a special assessment.
Anything is possible, but as someone else pointed out, everything points to this being a well-managed building.
Conventional mortgage guidelines want to see a minimum of 10% of total HOA dues going into reserves.