North Harbor Drive

Observations and insights into real estate happenings along N. Harbor Dr. in downtown Chicago

East Randolph Street, Chicago

New rental proposed policy at the Chandeler, 450 E Waterside

February 21st, 2012 · No Comments · Uncategorized

I just heard from an owner who has rented her place out at the Chandler – the 450 E Waterside building, that the association has sent out fliers about they are trying to asking the owners to vote for a new rental policy. Since the current rental rate is around 45% at the Chandler, the association is trying to get the percentage down to 25%, they are proposing that all investors should do a lottery which will decide on who can keep on renting out their unit, if any investor wins the lottery, then they are allowed to keep on renting their unit out for the next 3 years, then they should do the lottery again. For all the currently rented units, they would allow for the lease to terminate on the expiration date of the lease.

As far as I am aware of there are two owners who own around 50 units in the builing. I would think that most of the investors would not vote for this to happen. The association would need at least 67% of the vote from the owners to pass the new rule. Therefore, since it is only 55% owner occupied, this should be tough, although the association has put mid June as the deadline for the vote, I would not expect this to happen unless they change their current proposal to something like grandfather’s rule of renting out the units.

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