In this article published by IICLE (Illinois Institute for Continuing Legal Education), authors Brian Meltzer and Vickie Bresnhan (of Meltzer Purtill and Stelle / MPS), provide a comprehensive review of the history and likely future of legislation and trends regarding condominiums and CICs (common interest communities) in Illinois. As the authors of Chapter 5 of…
Introduction/Background Shopping centers and malls (collectively referred to herein as “Malls” or individually as a “Mall”) throughout the country were dealing with the effects of changing consumer buying habits due to the rise of online shopping, which was accelerated by the Corona virus. Big box retailers have been closing stores and filing for bankruptcy in…
Today, most newly constructed owner/occupant housing developments are governed by a condominium and/or non-condominium homeowners association (“HOA”) made up of the owners of the homes in the development. The housing crash and the great recession which followed (the “Crash”) exposed many flaws and weaknesses in the HOA model. See, Time to Rehab the Aging Condominium…
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The purpose of this paper is to lay out a suggested procedure for a condominium association which desires to sell its building for de-conversion to do so in an orderly manner that will maximize the distributions to the unit owners and minimize the amount of time, effort, and conflict required to consummate the transaction. A….
Brian Meltzer offers his insights about lessons learned and lingering issues from the real estate meltdown in a collaborative article from the September 2017 issue of The Practical Real Estate Lawyer . Reprinted with permission….
How to Sell Yourself: A Road Map for Condominium Sale/De-conversion The purpose of this paper is to lay out a suggested procedure for a condominium association which desires to sell its building for de-conversion to do so in an orderly manner that will maximize the distributions to the unit owners and minimize the amount of…
An Alternative to De-conversion The Dilemma Facing Some Aging Condominiums The housing crash resulted in dramatic declines in home values in the Chicago area. By 2017 home prices were recovering in many neighborhoods. However, in some neighborhoods, the values of condominium units, particularly those in moderate income buildings, have not recovered and may not recover…
The purpose of this paper is to lay out a suggested procedure for a condominium association which desires to sell its property to do so in an orderly manner that will maximize the distributions to the owners with the minimum amount of time, effort, and conflict. A. Background/De-Conversion Phenomena. Condominiums were first authorized in Illinois…
Introduction For decades, condominium developers made a profit by splitting the ownership of multifamily buildings into individual units and selling them at retail for significantly more than it cost to acquire or build the building. After the housing crash, circumstances were reversed, at least as it relates to those condominiums which fall into the category…
