Page 23 - 1448 North Lake Shore Drive Residence 3B

Location. Location. Location.
When most of the Gold Coast co-ops were built in the first quarter of the 20th century, the developers were able to select the prime locations along the lakefront. Unlike the residential buildings in the retail district along Michigan Avenue, the Gold Coast co-ops are nestled in a neighborhood with tree-lined streets amidst mansions, row houses and brownstones many from the 1880’s reflecting Georgian and Romanesque styles. 1448 North Lake Shore Drive is located across the street from Lake Michigan, one block from Lincoln Park and the underpass to the lakefront, and is a short walk to schools and places of worship, as well as the shops and restaurants along Michigan Avenue, Rush Street and Old Town.
Unlike units in the more densely populated commercial areas of the city, every apartment at 1448 faces a tree-lined street and most units have expansive views of the lake.
Co-Op Ownership is Membership in a Community
Co-op ownership differs from that of a condo in that one essentially buys a percentage own- ership of a corporation. As with condominiums, building operations are overseen by a board of directors. When capital expenditures are needed, a co-op has the option to take out a mortgage, subject to shareholder approval, while condominiums simply resort to special as- sessments. 1448 has funded its recent improvements with its healthy reserves, short-term con- struction loans and a multi-year mortgage that capitalized on current low interest rates.
As ownership in a co-op requires financial stability, the building corporation requires that potential buyers submit a purchase application package with financial and support documen- tation. All buyers can be assured of the following:
- Mortgage Opportunity. Recognition Agreements are permitted up to 50% of pur chase price.
- Confidentiality. Any personal financial data will be reviewed only by a select number of board members with appropriate expertise and with the highest degree of confidentiality. The review process is focused on confirming that the applicant’s resources can support any capital investments deemed necessary by the Corpora- tion from time to time.
- Expeditious Review. The Board is committed to a timely response to all purchase applications.
Any applicant is welcome to meet with the building’s manager and to review the minutes from all board meetings for the past two years. Once the application package is preapproved, the buyer has the opportunity to meet with the Board on a mutually agreeable date at which time he or she is free to discuss any matters of interest. New buyers are introduced to the 1448 community at the annual shareholder meeting in May and at the annual building holiday party in December.
“For us, the space, location, light and financial solidity of the building were what brought us here. We felt like we’d arrived at a place where everyone would be taken care of.”
1448 Shareholder