We are now more than three years into the condominium deconversion wave that took the Chicagoland real estate industry by surprise in 2015. While deconversions may appear to be commonplace, so are the challenges to these unique large sale transactions.
Some unit owners have mounted vocal and often caustic challenges in opposition to these sales. Others … Read More ›
In the past few years, the demand for rental units has increased due to a number of factors including rising home prices, declining homeownership among seniors, increased single-person households, and tougher mortgage lending standards. Accordingly, a new phenomenon has emerged where all the units in a condominium building are sold to a third party who … Read More ›
In a record-breaking month, Kovitz Shifrin Nesbit attorneys overcame significant obstacles to close on the sale of 900 condominium units in less than two weeks in December 2018. This included the sale of Flats on LaSalle Condominium Association, Surfside Condominium Association, and 449-units in the River City Condominium Association.
The sale of all 900 condominium units … Read More ›
When disaster strikes your Association, are you prepared? Here are four steps to take when faced with damage to your Association’s property.
1. Get the Full Story
Define the cause and scope of the damage. Secure the area around the damage and identify the appropriate parties to evaluate the damage, such as plumbers, roofers, or general contractors. … Read More ›