Retired Chicago condo owners could soon lose their home to deconversion

American-flags-small-lawn

By Deborah Goonan, Independent American Communities debgoonan@icloud.com Less than 2 years after they decided to retire in their Chicago condo, Eddie and Colleen Soto were shocked by news of a vote to sell the building to investors for a deconversion. The Sotos have owned their condo a 2 East Oak since 2008. Except for the year they rented their unit to a colleague, they enjoyed their Windy City condo on weekend getaways from their hectic Continue ReadingRetired Chicago condo owners could soon lose their home to deconversion

Chicago condo owners act to prevent forced condo deconversion

By Deborah Goonan, Independent American Communities According to local reports, the residential tower at 21 E. Chestnut was constructed as apartments in 1962, and converted to condominiums in 1979. Four decades later, the process has come full circle, with a pending deconversion to apartments. Earlier this month, 92% of owners in the 163-unit condominium building at 21 E. Chestnut St. voted in favor of a $44 million buyout by Strategic Properties of North America.  The Continue ReadingChicago condo owners act to prevent forced condo deconversion

How will changes in FHA financing affect condo homebuyers?

Real-estate-home-buyer-house-house-keys

By Deborah Goonan, Independent American Communities   FHA to ease condo financing, claims it will boost homeownership If you’ve been following housing news over the past several years, you’ve probably read many articles on proposed revisions to FHA financing. The HOA-industry, including trade group Community Associations Institute (CAI) and the National Association of Realtors (NAR) have been pushing their agenda to ease mortgage qualification standards for condos for several years. Now it looks like stakeholders Continue ReadingHow will changes in FHA financing affect condo homebuyers?

What’s happening in HOAville this week? (July 20)

This week: Homeowners deal with rattlesnakes; retirees face threat of losing their condos in a deconversion; developer builds condos just for Airbnb; townhouse owners plagued by clogged storm drains Continue ReadingWhat’s happening in HOAville this week? (July 20)