Lincolnshire investor buys failed condo project

A venture of Lincolnshire-based MK Asset Management LLC bought 38 lender-owned units last month in a failed 40-unit condominium development in Rogers Park. The MK venture acquired the units at 1700 W. Greenleaf Ave. for about $4.3 million from an affiliate of Oak Brook-based Republic Bank of Chicago, says MK President Jared Margolis. Developer George Samutin began converting the apartment building into condominiums, borrowing $7.3 million in 2006 to finance the project, county records show. But the property was hit with a foreclosure suit in 2009, and Mr. Samutin gave up the project last year to Republic, which took over Bank of Lincolnwood after it failed in 2009, according to county records. MK is renting its units in the building, with two-bedrooms costing up to $1,300 a month and three-bedrooms leasing for up to $1,600. “We've been able to attract quality tenants who rent on the high end of the range,” Mr. Margolis says. Republic President and CEO William Sperling says the sale to MK is part of the bank's strategy to remove problem loans off of its books. Mr. Samutin did not return an email, and several of his previous phone numbers were disconnected.

Chicago Property Management
Chicago Asset Management
Northern Illinois Property Management
Libertyville Property Management

Green Properties 101: What Does Energy Star Mean?

For those relatively new to the “Green” movement and interested in learning more about what can be done to conserve energy and to slow down the detrimental effects of global warming, the EPA (Environmental Protection Agency) is a great place to begin. Even for seasoned “Greenies”, the EPA provides a tremendous amount of tools and resources to help you make wise decisions as a consumer. In an effort to conserve energy, the government created the“Energy Star” program which is operated by the U.S. Dept of Energy and the EPA. The EPA bestows the “Energy Star” label to products that meet their strict energy saving specifications (click here for the full breakdown of how a product earns the Energy Star logo). This logo was created in an effort to make it easier for consumers to identify energy efficient products. It may cost more initially to buy items with the coveted Blue Star, but in the long run you will be saving money as well as energy. It really is worth it. If you see this label on any appliance or product that you’ve purchased, know that you are helping to saving the planet, one step at a time.

Per the EPA, by making better choices, “Americans, with the help of Energy Star, saved enough energy in 2010 alone to avoid greenhouse gas emissions equivalent to those from 33 million cars — all while saving nearly $18 billion on their utility bills.”

Has your property management company considered using Energy Star products its apartment units and laundry rooms?

Summer Maintenence Tips for Landlords and Property Management Pros

Chicago Property Management Firm

Summer is the season to tackle big exterior projects, as well as interior jobs that require good ventilation. It is also a time to remedy the effects of the proverbial “April showers” which may have damaged your roof, etc. during storms.

HVAC Maintenance:
Your air conditioning works overtime during the hot summer season. Be sure to have filters changed once a month, and lubricate the motor so it doesn’t overheat from overuse.

Storm Damage:
The effects of April showers extend far beyond beautiful May flowers. Be sure to have exterior decks, porches, stairs & railing checked for deterioration and damage. We recommend routine roof inspection and maintenance to locate loose and damaged shingles, or open seams and bald areas on flat roofs, as well as to clean out gutters, downspouts, and louvers of unwanted accumulations.

Moving this summer? Here are some helpful tips

Moving can be stressful, and moving during the summer when all you want to do is lay by the beach can be worse. Here are a few things to think about six to eight weeks before you move:

1. Determine the services with which you would like the moving company to help.

2. Do you want to do all of the packing or have professionals help?

3. Do you want to use a moving trailer or would you like a portable moving container in case you need to store your items while you find a home in your new city? Note: If your company is paying for your move, refer to their moving policy to determine the services the mover will be authorized to perform.

4. Call three moving companies to set dates for representatives to visually survey your home and prepare an estimate based on the services you would like. If you cannot decide, take advantage of the sales representative’s expertise on available services and the costs involved.

5. Show the agent everything that is going to be moved. Any items you fail to disclose or that are added later to the shipment increases the cost, even if given a binding estimate.

6. Know your rights. Ask your mover for a copy of the “Your Rights and Responsibilities Manual” (for full-service moves) to make certain that you fully understand the extent of the carrier’s liability.

7. Sign the Estimate/Order for Service after you are sure you have a clear understanding of each section. If you have questions, ask your agent to explain.

8. Keep the phone number and name of your salesperson or move coordinator handy in case you have questions later.

9. If you're a landlord, call your Property Management Firm to talk about moving options for your tenants. 

Chicago Property Management
Chicago Asset Management
Northern Illinois Property Management
Libertyville Property Management

Peak Moving Season 2012: Are you prepared?

Peak moving season runs from May through August each year, with the busiest portion being from Memorial Day through July 4. This peak season creates a capacity challenge for Landlords and Property Management Firmsin Chicago to accommodate moving dates. But with planning and active involvement, everybody can have a successful move even during the busiest moving season.

This summer is busier than normal because of the 2005 Base Realignment and Closure law directing many organizations and units to move by the end of September. This adds an additional 17,000 service members and family members to the normal peak season, stretching the capacity even further.

Making a successful and timely move during an already challenging peak moving season will require added vigilance from both the Landlord, Chicago Property Management Firms and the tenants to move generate a successful move.

To help ease the pressure of peak moving season – call MK Asset Management for a consultation on your property management, moving, and tenant needs before May so you can enjoy your summer and rest at ease knowing your tenants and moving schedules are taken care of.

Chicago Property Management

Chicago Asset Management

Northern Illinois Property Management

Libertyville Property Management