A co-op is different from a condominium only in its legal and financial form: the essential idea of ownership is the same. But instead of being simply "an apartment you own," you are purchasing shares of stock in a legal entity, usually an Illinois corporation, that owns the real estate. Along with the shares, you receive a Proprietary Lease that entitles you to occupy a certain unit. Instead of a deed, you own shares in the whole building.
70 East Cedar Street #1402, CHICAGO, IL - $450,000
Only Two Units Of This Size In The Building. Makes For A Perfect In-town Home. Wdbfpl--central Air-hardwood Floors-9ft Ceilings. Needs Some Tlc To Make It Your Own Little Jewel Box. Waiting List For Parking In Building But Many Options Nearby.