The Lakeshore East mega-development on Chicago’s New East Side has three rental towers, The Tides, The Shoreham and Aqua, which also has condominiums and will include a hotel. You can also typically find a few units for rent in the Lakeshore East condo buildings: Aqua, The Regatta, The Chandler, The Lancaster and 340 on the Park.
Rents for available 1,080 square foot 2-bedrooms at Aqua start at over $3,100, not counting a current offer of a $1,500 credit on the first month’s rent. A 1,210 square foot 22nd floor unit at The Tides is asking $2,779. At The Shoreham a 9th floor 1,200 square foot 2-bedroom is quoted at $2,577. Those prices do not include parking.
A 1,450 square foot 30th floor 2-bedroom, 2-bath at The Regatta, 420 East Waterside Dr, was just listed for rent at $2,800 a month. The unit has views of the Chicago River, Lake Michigan and Millennium Park. The building has a full amenities package, including an indoor swimming pool. Prudential Rubloff’s Walter and Shelley Stunard have the listing.
One low-visibility amenity that may attract some to The Regatta is the building’s 4-pipe heating and air-conditioning system, which can add to residents’ comfort during seasonal temperature changes. The 2-pipe system at The Tides and The Shoreham has been the subject of resident complaints.
Whether you choose a rental building or a condo building may hinge on a wide variety of factors, but you should consider both the rental and condo options.
I just quickly read through those reviews for the The Tides and The Shoreham, that you linked to Yelp for;
wow those are some really horrible, scathing reviews, especially for buildings that present themselves as fairly high-end “luxury” buildings! and I think the reviews sound pretty fair and legitimate.
Any time there is such a huge discrepancy between how a product or service is presented, and how the value is perceived by the consumer after or during consumption, there is bound to be some form of correction.
I find it fascinating to ponder the effect that sites such as Yelp and ApartmentRatings will have in the future, as more and more people realize that they need to do their own form of ‘credit-check’ the building/management (just as they ‘credit-check’ the tennants);
I think it will become more commonplace to do so as sites like Yelp become more popular, or as more people are burned with past renting experiences.
Yelp is completely unreliable when it comes to constructive feedback about specific buildings/management companies, just as it is with any long-term professional business relation firm. They’re typically a place for “stick-it-to-’em! That’ll get me taken care of!” heat-of-the-pissed-off-moment reviews and you’d be hard pressed to find many (legit, non puff-piece) reviewers who take the time to log-on and post positive reviews unless they’re prolific Yelp reviewers already.
My personal tip for someone checking any business: if it has scores of reviews, it’s definitely helpful based on whether they have a positive or negative tilt.
If it has few reviews and the rating trends negative, it probably means there are a few angry people that took the time to log on because of one bad moment (and it’s always good to see how many reviews they have).
If it has no reviews, it pretty much means that the business is satisfactory and people could care less either way about reviewing.
People can read Yelp for an “insight” — but any professional long-term relationship-oriented service is not the same as the casual beautician or restaurant. Everyone in hosing/rentals is essentially trashed on Yelp. Everyone.
And then there are the prolific Yelp reviewers who appear to be making their living making stuff up.
I don’t quite get the connection, Joe.
I find that many patently phony reviews from Yelpers who appear to be paid for their reviews. You seemed to be suggesting that there’s necessarily some validity to positive reviews from those folks. Sometimes that’s true; often it’s not, in my experience.
Yelp does not pay reviewers. I am well versed in their advertising strategy. “Elite” reviewers usually get kickbacks in the form of shakedowns of local businesses that host “Yelp parties.”
But my point stands: if someone does a drive-by review of someone in real estate, it’s typically based on one poor experience with a “If I go public, I’ll get what I want/stick it to them!” thereby making it the polar opposite of the random “five star! Watch me be overspecific!” brood.
Yelp is NOT necessarily indicative of what you get within this industry, unless there are scores of reviews. Linking to an out-of-town/state user that Yelps/reviews like a madhouse does not refute that.
Based on my bad experience living at Cobbler Square a year ago, and one of my fiends experience at his condo that he owns, the negative reviews on Yelp for these places are absolutely spot-on. And most of the positive stuff looks very suspiciously like shill reviews.
Again, the negative points made in the reviews are generally pretty specific that would be easy to refute if they we’re true, as opposed to the more vague, subjective comments.
A very good question, I think. I can see both sides, but as it always does, it comes down to individual preferences and a case-by-case review of your options.
Case for condos: hardwood floors, higher ceilings (something none of the 3 rental options have, even Aqua) and often some combination of lower rent, parking included or at least some negotiating room with the landlord.
Case for apartments: Usually better amenities, no security deposit (condo buildings can also ream you on the move-in fees), and let’s face it – a lot of people rent at the Shoreham, Tides and Aqua for “the scene.”
Sometimes you find a great special on an apartment. Sometimes you find a desperate condo owner. It depends.
As far as Yelp reviews, I think boiztwn is spot on. I have read very few positive Yelp reviews for apartment buildings. The 2-pipe complaint and others are legitimate, but that doesn’t mean the majority of renters who live there are dissatisfied with their experiences.
Also, to boiztown’s comment earlier: “Yelp is completely unreliable when it comes to constructive feedback about specific buildings/management companies”
I just don’t buy that; like I said earlier, based on my experience and a couple other examples from friends, pretty much all of the negative reviews I’ve seen on Yelp and ApartmentRatings have been absolutely spot-on.
Are there some people that have lived there that have been satisfied for whatever reason? Sure, maybe they’re never actually in their apartment, or just apathetic and accustomed to not getting proper value for the money they spend.
However, and the 2-pipe heating/cooling issue is a great example, the nature of that issue sounds like it would definitely affect more than just the handful of people that have posted their complaints; there are most likely a ton more that are extremely dissatisfied, but didn’t post a review.
“Are there some people that have lived there that have been satisfied for whatever reason? Sure, maybe they’re never actually in their apartment, or just apathetic and accustomed to not getting proper value for the money they spend.”
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That is, especially the last sentence, completely and utterly subjective. To wit: you can have someone screaming about their status as a “paying customer” over a McDonald’s order gone wrong (“I wanted NO ONIONS!”) and demanding compensation, just as you may find someone as a diner at a five-star restaurant with atrocious service.
With Yelp, it’s a crapshoot. There are a lot of reviews on it in the vein of “everything was pretty good… BUT THEN!” You can never tell the ongoing nature of that professional relationship, nor both sides positions (unless a management agent publicly replies combatively, which you won’t really see in the industry). .
An example from the Shoreham Yelp, in which the person praised the building, but gave a 2-star:
“The rent increase was deplorable, but that’s not the actual reason I’m giving this place 2 stars… the real reason is because the door staff/front desk crew are not at all friendly (and isn’t that the real core of their job?)”
A very subjective complaint. There are always issues in housing, things do go wrong, but I always say err on the side of caution with Yelp in professional service industries unless the location/company is heavily reviewed, and negatively so. “Expectation” is a very gray area.
Renting a private condo is usually the best way to get both value and quality in a rental arrangement. The owners are looking for a positive long term arrangement and they usually have made improvements to their home you would not find isn a rental property.
The big management landlords cannot provide the level of finish/service to renters that a condo board can provide for itself – it makes no economic sense. The rental buildings have a hollow veneer of luxury. The condos have quality control. The 4-pipe vs 2-pipe HVAC is an excellent example.
One piece of great advice as to find a Realtor / agent who will show you MLS listed condos and not only “full-fee” rental properties. This is when a Realtor / Agent is able to offer real value to the renter.