33 Blog Archives - 33 Realty

  • October 6, 2017

                      In case you missed the ICSC Chicago Deal Making luncheon at Navy Pier that focused on Workforce housing here are three takeaways: 1. Workforce housing* is where a real gap in housing inventory exists and is receiving much greater attention today. It is critical for people to have the option to live near where they work, particularly those who are the most essential to the local economy. 2. Construction costs have skyrocketed. Also, many in the development community are chasing after luxury builds for higher rent levels. These factors could create an opportunity for the suburban market with demanding workforce seeking … Continue reading

  • September 20, 2017

    As a manager of many luxury buildings and amenities, 33 has seen how increased amenities are an important player in the rental marketplace. Here is our top list of attractive amenities in multi-family developments: FREE WiFi  The appeal of easy online access is not going anywhere, anytime soon. Millennials expect to be online at any time and it is an added bonus when it is free of charge. In a recent Bisnow article, one of the most attractive amenities in multifamily developments is free WiFi. Co-working spaces The co-working internet cafe space trend continues to gain momentum as millennials are increasingly beginning to work from home, and are expected to be available … Continue reading

  • September 12, 2017

    Rising utility costs are driving everyone to look for solutions in an energy efficient house. An energy efficient apartment is equipped with premium energy-saving features that result in reduced utility and maintenance costs, superior comfort and increased property value. When you focus on energy efficiency for apartment construction, units are built as cohesive systems, with each feature working in conjunction. It’s much easier to design a correctly orientated, well-insulated, efficiently heated and well-lit building than to attempt to actively improve an already existing system. Taking into consideration the local geography and climate, as well as cleverly supplementing with passive energy-saving strategies, will pay off in the long run for your … Continue reading

  • September 7, 2017

    Chicago’s apartment development trajectory continues to rise but with an important limited resource – construction labor. A dwindling labor pool in combination with rising material costs has escalated construction costs for Chicago apartment developers. Cubed Construction, a Chicago construction company and sister company to 33, employs the following three strategies to help mitigate these factors and keep costs low. 1. Keep good talent busy year around: With a limited number of resources in the labor pool, we make sure our skilled tradesmen are kept busy during construction lulls. Through our property management operations, we are able to deploy our tradesmen on maintenance work that arises year round. This allows us … Continue reading

  • August 29, 2017

       The Midwest market flew under the radar on a recent article in Bisnow that examined the disparity between luxury apartment construction and the working-class American’s need for affordable apartments. Net, net, Midwest cities didn’t make the Ten-X list of top ranking multifamily buyer or seller markets but make up a valuable part of the domestic multifamily market. As we look at the Midwest multifamily market, Chicago’s increasing luxury apartment supply (and total apartment development in Chicago) has begun to outweigh demand as seen in NYC & San Francisco on a more tempered basis. In recent years we have witnessed a significant influx of capital from foreign and domestic coastal real … Continue reading

  • July 24, 2017

    According to the United State Census Bureau, the population of Chicago is approximately 2.7 million, which means one thing for rental property owners in the Windy City: there are a lot of people who need housing. For this reason, many investors have begun favoring leasing properties as opposed to placing them on the market for sale. If you’re an experienced rental property owner, you know what a daunting series of tasks it is to screen tenants, schedule various services (lawn care, pest control, pool cleaning, et cetera), collect rent, conduct routine inspections and deal with nuisances tenants, just to name a few. Whether you own a single unit, an apartment … Continue reading

  • May 23, 2017

    From extremely modern to high-end boutique, Chicago’s neighborhoods are full of unique hotels, but there’s a growing trend for accommodations in the city that has nothing to do with hotels. Airbnb changes the way you stay in Chicago, and the options are anything but boring. How Airbnb Works in Chicago Airbnb gives property owners with space to rent a place to connect with travelers looking for a place to stay. The owner posts the property with images and details of the rental. Potential renters browse the listings, and when a user finds a place to rent, booking and payment take place online. It’s an easy way to rent out your … Continue reading

  • May 4, 2017

      We’ve noticed the boom of luxury inventory in the Chicagoland area and 33 understands luxury living requires an upgraded management service. Our luxury management team’s mission is to deliver superior service and use effective strategies to efficiently manage luxury buildings. Here is our top five checklist: 1. Luxury amenities require meticulous management. Our property managers push work orders to be completed within hours, not days. We promptly call our tenants for permission to enter units and personally follow up to ensure the job was done right. 2. It is important that tenants are provided with the services and amenities that are included in their rent.  For instance, our management … Continue reading

  • March 15, 2017

    Are you a condo owner considering your next move? Are you on the board of your HOA and considering selling? In the past year or so, as the demand for rental units has increased, a new phenomenon has emerged – “condo deconversions.” This is when all of the condominium units in a building are converted to apartments. Now, I bet you’re wondering how does this work? The deconversion process is initiated when a buyer makes an offer to purchase all of the units in the association. The buyer then converts the property into apartments. Let us inform you of reasons why you should consider condo deconversion. • You make more … Continue reading

  • March 2, 2017

    Buying your first home can feel both exciting and terrifying. You’ve been saving for years and have been on the hunt for the perfect house. With so many questions to ask, how do you know when you’re prepared to take your home search to the next level? Wondering what to know as a first-time homebuyer? You’re not the only one! We’re here to guide you through the process to ensure you’re fully educated and confidently prepared. Knowledge is power, and you need to make sure you’re armed with the right information to make an informed purchase. Ensuring You’re Financially Prepared First, you need to make sure you’re prepared financially to … Continue reading

  • February 14, 2017

    Cubed Construction’s latest project showcases its mixed-use construction capabilities. The work features a custom build-out of the first and second floors to house the operations of 33 Realty and Cubed, along with renovated 2nd floor executive suites and gut renovated luxury apartments on the top 2 floors of this 5 floor, 15,000 sf building at 357 W. Chicago. We believe in investing in your own office, which is why our goal was to create a collaborative work environment that focuses on growth, to provide work-life integration, and to promote a steady work-life balance. Check out 3 things to keep in mind when building out your office building: POWER OF 3’s: Own your … Continue reading

  • February 2, 2017

    Rent abatement is a provision that may be included in a commercial or residential property lease. It entitles the tenant to suspend rent payments or pay only a portion of the rent until a landlord completes property repairs. Let’s take a closer look at rent abatement and what it means for commercial and residential property tenants. What Does It Mean to Have Rent Abatement? Rent abatement usually is outlined in the terms of a commercial or residential property lease. It may consist of clauses that define whether a landlord will reduce a tenant’s rental costs or eliminate these costs temporarily if a property becomes uninhabitable. With rent abatement, a tenant … Continue reading

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