1630 Sheridan Co-operative Ownership Structure

 

1630 Sheridan Corporation is a housing cooperative (co-op) with everyone invested in maintaining a topnotch and well-functioning building.  We are proud of our community spirit and our dedication to the building. 

 

Our onsite Building Administrator has been with the 1630 Sheridan Corp. for over 20 years and has extensive experience with the structure, systems, and functioning of the building; most of our maintenance staff has been here for over 10 years. 

 

Our Wilmette condo building has a 7 person Board of Directors (elected every year) as well as a number of committees which contribute to the community.

 

Unit owners are Shareholders in the 1630 Sheridan Corporation, with the number of shares owned depending upon the particular unit and parking spaces purchased.

The building was built in 1964 by the Edward R. James company on prime land on Wilmette's lakefront.  With an interesting history, this area was called "No Man's Land" prior to being annexed into Wilmette.


As part of co-op housing, shareholders pay monthly assessments which include:


 
1. Real estate taxes

2. Building operational costs including staff wages

3. Maintenance, repair and improvement

4. Repayment of building mortgage when one exists (principal, interest)

The Board of Directors establishes budgets which have kept the building in excellent repair with minimum need of special assessments.

1630 Sheridan Corporation provides various services, including internet and digital satellite TV (upgrades to high-definition TV and internet connectivity options are available at Shareholder expense), water and sewer. The building has a round-the-clock  doorman and daily maintenance staff and provides 24 hour monitored video security and fire alarm systems.  Residents are responsible for their own telephone and electricity.


The building is currently installing a fiber backbone which will support high-definition TV and high-speed internet.  The project will be completed early in 2015 and will provide residents with reliable communications well into the future.


The building has established "Rules We Live By" to ensure an environment comfortable for all.  Some of the highlights include limiting hours of construction, no pets, and no cooking on balconies (note we have a community barbecue).

Should you not be familiar with how a co-op works, as compared to a condo, the following high level comparison is provided:

 

Cooperative

Codominium

Ownership

Residents are shareholders in 1630 Sheridan Corporation that owns the property.  Owning shares allows you to occupy a unit.  The building maintains a list of the number of shares for each particular apartment or parking space.

Apartment “airspace” owned by individual, plus a share of common areas.

Monthly Cost

Shareholders pay a monthly assessment that includes:

1.       Operating Costs

2.       Real Estate Taxes

3.       Mortgage on Building

4.       Maintenance and Repairs

Same as cooperative, except that mortgage payments are paid directly to the lender and taxes are paid directly to taxing authority or lender, as appropriate.

Governance

The resident shareholders elect a board of directors that decides all policy matters.  The board from time to time establishes committees to help run the community.  The board has hired a Building Administrator to manage the building on its behalf.

Condo owners, like cooperatives, elect a board of directors.

Tax Implications

Mortgage interest and real estate taxes flow through to shareholders for purposes of deducting on personal income tax returns.

Mortgage interest and real estate taxes are deductible on personal income tax returns.

Stability

To ensure prospective buyers are able to afford apartments, the board of directors has established guidelines that must be met.   The result has been many years without buyer default.  Limits are in place to restrict rentals and purchase of apartments for income producing purposes.

 


Should you want additional information regarding buying a condo  at 1630 Sheridan Corporation, on this website use the "Contact Us" function to reach the building office.   Information on condo units for sale, the sales process, details about the co-op apartment arrangement, and "Rules We Live By" are available.   Or you can have your real estate professional request this on your behalf.