Tag Archives: aurora

Weekend Links: August 18, 2012

No themes or schemes for this installment of the weekend links.

The Green Roof on Chicago’s City Hall. [via CityofChicago.org]

It’s not easy being green. WBEZ looks into the success rate of Chicago’s Green roof programs and the future for this environmentally-friendly innovation in a market with minimal development. (“A green roofs check-in, Anthony Martinez, WBEZ.org)

…But the city may be able to help. Would you like a free programmable thermostat for your home? How about free low-flow showerheads, CFL lamps, energy audits or tax-break incentives towards green upgrades? The Retrofit Chicago program has been expanded to include the Residential sector, with a focus on older buildings. (“Residential Phase of Retrofit Chicago Launched,” CityofChicago.org Press Release)

1952 called, it wants its racism back. Seriously guys, I thought we were past all of this nonsense by now. A father in Cincinnati has sued his landlord for posting a “whites only” sign at the building’s swimming pool. (“Father: ‘White Only’ pool sign caused suffering,” AP via HeraldExtra.com)

Condo assessments now optional, says Illinois court. In a ruling that has attorneys and condo associations nationwide looking on in horror, an Illinois court has deemed that owners are entitled to withhold their assessment payments if the association is not sufficiently maintaining the common areas of the property. Can anyone else see the potential for disaster in this? (“Ruling could change course of collection proceedings,” Pamela Dittmer McKuen, Chicago Tribune.)

Reuters is all up in our business. A recent Reuters article about whether condos are a viable alternative to college dorms has a very familiar ring to it. I may be kind of biased, but I like our take on the situation better. (“Condos for college kids? Do the math first,” John Wasik, Reuters.)

Eviction(s) of the week. I talked about passive-aggressive tenants, but these guys are just plain aggressive. Of course, you’ve probably heard already that Colorado gunman James Holmes was evicted from his apartment in Aurora. Booby-trapping his apartment and murdering multiple people are cited as the causes for the eviction, although Holmes has not yet officially been convicted of the killings. Meanwhile, an officer in Texas was killed by a tenant while he was in the process of serving eviction papers. Be careful out there, guys. (“Holmes officially evicted from Aurora Home,” CBS News. “Eviction’s deadly turn no surprise to law officers,” James Pinkerton, Chron.com)

Agents, you be careful too. Local Chicago wholesale real estate agent RJ Cit tells us the story of working with an unstable veteran in the process of selling the distressed and badly underwater home of the vet’s deceased father. Stalking, threatening phone calls, and assorted other hijinks ensue. Part I and Part II. (“Wholesaling Real Estate – Worst Seller Ever,” RJ Cit, ChicagoCashFlowProperties.com)

 

Sometimes You Can’t Tell

Note: due to the recent conviction of James Holmes, this article is receiving some new visitors. Welcome! Please bear in mind that this was written 3 years ago.

A great investment! Instant cash flow! Buy it today! (Strong constitution required.)

Paris is for … Landlords?

1690 Paris Street is a 129 unit apartment complex on 111,115 square feet of land. It has 11 buildings containing roughly 12 units each. It has a sweet 3.9% vacancy rate, convenient location, and the units have, according to the sales flyer I have here, been maintained well over the years by a “hands on” owner.

It was listed on the market for two months the autumn of 2010 for $6.4 million. They tried again in early 2011 at the same price. It nets about $519k per year for an 8.06% CAP rate. I can’t tell if it changed hands or not.

It’s also probably it’s current owner’s worst nightmare come true.

1690 Paris Street, Aurora, Colorado. Home of James Holmes, who filled his apartment with so many booby traps and explosives that it took the bomb squad two days to clear it out with robots. An apartment building full of medical students who all made it their first choice in a rental search at some point over the past few years, thinking “I want to call this place home.” Now it’s a poster child for “worst case investment property scenario” making landlords across the country reach for the Xanax and hope that nobody in their buildings has done the same thing. (more…)