Chicago condo conversions

Fifty years later, those buildings are among the oldest condominiums in the country. Owners who have not kept on top of maintenance, and even some who have, sometimes find themselves facing massive repair bills. Like Like. You are commenting using your WordPress. You are commenting using your Google account. You are commenting using your Twitter account. You are commenting using your Facebook account. Notify me of new comments via email.

Notify me of new posts via email. Henry Grabar suggests Chicago is ground zero for efforts to convert condos to apartments : Photo by Timur Saglambilek on Pexels.

More broadly, this gets at two larger housing issues: How do deconversions fit with a larger American promotion of homeownership? Message received. A deconversion is the process where all the owners in a condo building sell their units simultaneously to an investor who manages the property as an apartment rental building.

Deconversions are specifically designed to rescue condo owners from high monthly assessments, bad mortgages, and undervalued or hard-to-sell units. If your condo is in an older building built before the s chances are it was an apartment before it was a condo. Remember: the difference between an apartment and a condo is that an apartment is rented while condominiums are owned. During previous real estate cycles, condos were in high demand. So owners of apartment buildings converted the units into for-sale condos.

Now, high rents, increased rental demand, and low inventory have created a situation in which multi-unit condo buildings can be profitably deconverted back to apartments. Achieve a better price than if condo sold individually due to high investor demand for rental buildings.

Ability to sell your condo and remain as a tenant if desired. Transaction costs can be lower than conventional sale. The Condo Ordinance now includes several, strengthened consumer protections. Prospective purchasers of condo units now have the right to a standard, simplified document that discloses key information about the condo for sale.

Tenants in buildings being converted into condos also have several rights new rights under the ordinance. The Disclosure Summary is a simplified, standardized disclosure document for potential condo purchasers.

Developers must make this document available when they offer condos for sale, including at open houses and other showings. Note this email address only accepts completed condo disclosure summaries filed by condo developers.