Condo vs Co‑op in Streeterville: Key Differences

Torn between a condo and a co‑op in Streeterville? You are not alone. The buildings look similar from the sidewalk, but how you own, finance, and resell your home is quite different. This guide breaks down the differences in plain English and gives you a simple checklist to use before you tour. By the end, you will know which ownership style fits your goals, budget, and timeline. Let’s dive in.

Quick definitions in Illinois

What is a condo?

A condominium gives you deeded ownership of your individual unit plus a share of the common areas. In Illinois, condos follow the Illinois Condominium Property Act, which lays out how buildings are formed, governed, and how disclosures and assessments work. You get a mortgage in your own name, pay your own property taxes, and carry an HO‑6 policy for your interior.

What is a co‑op?

A cooperative is a corporation that owns the entire building and the land. You buy shares in the corporation and receive a proprietary lease to occupy a specific unit. You do not receive a deed. The co‑op may hold the building’s mortgage and pays the property taxes, which are then allocated to shareholders through monthly maintenance. For a consumer‑friendly overview of the structure, see this Nolo explanation of co‑ops vs condos.

Ownership and control

In a condo, you hold recordable title, can obtain title insurance, and receive your own tax bill. In a co‑op, your collateral is your shares and proprietary lease. The corporation holds title to the real estate, so different corporate documents and policies control daily life in the building.

Both condos and co‑ops can adopt rules on pets, rentals, renovations, and move procedures. The difference is how those rules are enforced. Condo associations follow the Condominium Property Act and their bylaws; co‑ops follow corporate bylaws and the proprietary lease.

Approvals and timelines

Condo transfers are typically administrative. Some associations require an application or a right‑of‑first‑refusal notice, but approvals, if any, are usually faster. Co‑ops almost always require a full board package, financial disclosures, references, and an interview. Approval can take several weeks and sometimes longer.

If you want a predictable closing timeline, a condo is often simpler. If you prefer a more controlled community environment and are comfortable with a deeper review, a co‑op can still be a great fit.

Financing in Streeterville

Condo financing options

Most buyers use standard mortgages. If the building meets agency standards, options typically include conventional loans and, when applicable, FHA or VA loans. The HUD condominium approval program can make FHA financing available if the project is approved.

Co‑op financing realities

Co‑ops use “share loans,” which some, but not all, lenders offer. Underwriting is different because the collateral is your shares and lease. Expect tighter debt‑to‑income limits, possible higher down payments, and fewer lender choices. In Streeterville, local and specialty lenders are familiar with co‑ops, but you should verify lender availability early to avoid delays.

Monthly costs and what they include

Condo owners pay a monthly association fee that covers building operations, common insurance, reserves, and amenities. You also pay your own mortgage, property tax, and HO‑6 policy separately.

Co‑op shareholders pay a monthly maintenance fee that typically bundles the building’s operating costs, your share of property taxes, the co‑op’s underlying mortgage (if any), insurance, staff, utilities, and reserves. Co‑op fees can look higher at first glance, but they include costs condo owners pay separately. Compare total monthly housing cost, not just the line items.

Two items to review closely in either structure:

• Reserve health. Ask for the most recent reserve study or capital plan. Low reserves can lead to special assessments.
• Special assessments. Review the history for the past 5 to 10 years and ask about upcoming projects.

Resale and marketability

Condos usually enjoy a wider buyer pool and simpler financing, which can support faster resales. Co‑ops can have a smaller buyer pool due to board approvals and financing limits. That said, Streeterville pricing still reflects view corridors, building reputation, amenities, and unit condition more than ownership label. A well‑run co‑op with strong finances can resell quickly, while an under‑funded condo can drag.

Streeterville building factors to weigh

Streeterville blends classic pre‑war co‑ops and newer glass‑and‑steel condo towers. Older buildings can offer gracious layouts and character. Newer towers lean into full amenity packages, valet services, and updated mechanicals. Consider:

• Age and systems. Older high‑rises may face façade work, elevator upgrades, or riser replacements.
• Amenity load. Pools, 24‑hour door staff, and large gyms are great but raise operating costs and reserve needs.
• Parking and access. Some buildings have deeded spaces or leased garage options. Factor any monthly parking costs into your budget.
• Rental policies. If you plan to lease your home in the future, confirm caps and lease terms in writing.

Condo vs co‑op at a glance

Before you tour: request these documents

Gathering documents early protects your time and helps you compare buildings apples to apples. Use this as your quick pre‑tour checklist.

If you are considering a condo

• Declaration, bylaws, and current rules
• 12–24 months of budgets and financials, including reserve balances
• Recent reserve study or capital plan and special assessment history
• Minutes from recent board meetings
• Master insurance certificate and what it covers versus HO‑6
• Any pending litigation
• Rental policies and any caps
• FHA/VA/Fannie/Freddie project approval status if you need it
• Monthly assessment amount and inclusions

If you are considering a co‑op

• Articles, bylaws, proprietary lease, and house rules
• 12–24 months of financials and board minutes, including reserves
• Details of any underlying mortgage(s) and terms
• Maintenance fee breakdown, including the portion for taxes and debt
• Any individual surcharges or assessments
• Board application, interview steps, fees, and required documents
• Subletting policy and limits
• Any pending or past litigation
• Move‑in/move‑out rules and fees

For both types

• Seller disclosures and recent comparable sales in the building
• Professional inspection of the unit and visible common areas
• Building condition overview: exterior, elevators, mechanicals, roof, amenities
• Contact for transfer requirements and timeline

Ready for a deeper look at a specific building’s financials and lender options? Schedule a quick buyer consult with Kirste Gaudet to review documents and pre‑check eligibility before you tour.

Smart questions to ask on your first visit

• How much is the monthly fee, what does it include, and when was it last increased?
• What is the reserve balance today and what capital projects are planned in the next 3 years?
• Have there been special assessments in the last 5 years? For how much and for what?
• What are the current rental or sublet policies and any caps?
• For co‑ops: What is the board approval timeline and what financial standards are typical?
• For condos: Is there a right of first refusal process and how long does it take?
• What is the building’s insurance deductible, and what does the master policy cover?

Taxes, insurance, and deductions

Condo owners receive a property tax bill from Cook County and may deduct mortgage interest and property taxes subject to federal limits. Co‑op shareholders typically do not get a separate tax bill. The co‑op pays the taxes and allocates your share through maintenance, with annual statements that can inform your tax filings. For precise treatment and eligibility, consult a qualified tax advisor. To research local records, you can reference the Cook County Clerk and Recorder resources.

How to line up financing the right way

Start by matching your loan type to your building. For condos, ask whether the project is eligible for agency-backed loans and review any questionnaire the lender needs. The HUD guidance on condominium approvals can be a helpful reference if you plan to use FHA.

For co‑ops, confirm which lenders offer share loans in Streeterville and what their down payment, reserve, and debt‑to‑income guidelines look like. If you are comparing two buildings, run both through your lender early. This avoids surprises after you fall in love with a view.

Next steps

Streeterville gives you incredible choices, from classic co‑ops with lake views to sleek amenity‑rich condos. The best fit comes down to your financing comfort, appetite for board approvals, and preference for how monthly costs are structured. If you want help narrowing the list and confirming building eligibility before you tour, set up a short planning call with Kirste Gaudet. We will align your goals with the right ownership type, review building documents, and map your timeline with confidence.

FAQs

Are condos or co‑ops more expensive in Streeterville?

• Price depends on building, floor, view, amenities, and financial health. Ownership type is only one factor among many that drive value.

Can I use an FHA or VA loan for Streeterville buildings?

• FHA or VA financing is often available for condos if the project is approved by the agency. Co‑op financing is more limited and requires lenders that offer share loans.

Will a co‑op board reject me for a low credit score?

• Co‑op boards typically evaluate overall financial strength. A low score or limited reserves can lead to rejection, but standards vary by building.

Which is easier to resell in Streeterville, a condo or a co‑op?

• Condos generally have a wider buyer pool and simpler financing, which can support faster resales. Well‑run co‑ops can still sell quickly in desirable locations.